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Fly News Breaks for December 2, 2019
WEN
Dec 2, 2019 | 06:55 EDT
Stephens analyst Will Slabaugh said he believes that a decent level of "success," meaning a 5% lift or greater, for Wendy's from its new breakfast launch would "result in a stock price approaching $30," though he also believes breakfast success is now a necessary component of expecting stock outperformance from Wendy's. Slabaugh is sticking with his Q4 same-store sales growth estimate of 3% for Wendy's as he believes the "impressive momentum" seen in Q3 has largely continued. He keeps an Overweight rating and $26 price target on Wendy's shares.
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