Stephens analyst Will Slabaugh said in a "first look" note reacting to Wendy's Q3 report that he is "encouraged" by the sales trajectory in its core business, especially ahead of the planned launch of breakfast in the first quarter of 2020. In addition to Q3 U.S. same-store sales growth of 4.4% that topped his and the consensus estimates prior to the company's pre-announcement at its at investor day, Slabaugh pointed to better adjusted EPS than was expected as a "surprise." Ahead of the company's earnings call, he has an Overweight rating and $24 price target on Wendy's shares.