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Fly News Breaks for September 10, 2019
WEN
Sep 10, 2019 | 09:16 EDT
As previously reported, Guggenheim analyst Matthew DiFrisco downgraded Wendy's to Neutral from Buy following the company's announcement of plans to enter breakfast with a nationwide offering. The analyst, who noted that management reduced its 2019 outlook to account for a $20M upfront investment relating to launching breakfast across the U.S. system, views the day-part expansion as a sign of slowing near-term momentum in the lunch and dinner business. He also notes that Wendy's previous attempts to establish a breakfast business in 1985, 2006 and 2010 were unsuccessful and pressured franchise margins, calling the new attempt "a potentially risky way to add topline growth."
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