Fly News Breaks for October 11, 2019
WEN
Oct 11, 2019 | 15:59 EDT
Stephens analyst Will Slabaugh maintained an Overweight rating on Wendy's and raised his price target on shares to $24 from $22 following the company's Investor Day presentation. The analyst believes that Wendy's breakfast rollout will be break-even, and called the stock attractive as he sees a mid-single-digit comp trajectory as breakfast is rolled out, which should offset the near-term free cash flow pressure. Additionally, he sees momentum in Wendy's core business and believes the company's guidance for FY20 is "better than feared," especially considering the investments currently being made in breakfast.
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