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Fly News Breaks for March 8, 2018
SONC, WEN
Mar 8, 2018 | 08:10 EDT
As previously reported, Longbow analyst Alton Stump upgraded Wendy's (WEN) to Buy from Neutral, telling investors that his conversations with U.S. Wendy's franchisees leads him to estimate that domestic franchised same-store sales are up 2%-2.5% to date in Q1. Wendy's introduction of an expanded 4 for $4 menu in early January was given credit by the franchisees for an acceleration in comparable sales, noted Stump. His most recent checks lead him to believe Wendy's has gained share at least over Sonic (SONC) and potentially other quick-service competitors, added the analyst, who has a $20 price target on Wendy's shares.
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