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Fly News Breaks for September 10, 2019
WEN
Sep 10, 2019 | 08:58 EDT
BMO Capital analyst Andrew Strelzik kept his Outperform rating and $21 price target on Wendy's after the company announced plans to launch a national breakfast offering in 2020 and lowered its FY19 guidance to reflect the $20M upfront franchisee investment. The analyst notes that the announcement represents a growth opportunity, even though it introduces a layer of operational and financial risk that he had previously not assumed. Strelzik intends to review his forecasts after Wendy's offers mode detail on its plans at the upcoming October Investor Day.
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