Fly News Breaks for October 11, 2019
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.
News For WEN From the Last 2 Days
Feb 27, 2020 | 08:49 EST
MKM Partners analyst Brett Levy raised the firm's price target on Wendy's to $23 from $20 but keeps a Neutral rating on the shares. The analyst notes that the company's Q4 earnings were inline, but the guidance was "somewhat muted" given its planned foray into national breakfast offering starting in March. Levy adds that the breakfast menu addition represents a near-term catalyst for Wendy's, but after a 19% gain in the stock price since the announcement in September, that optimism may be priced in.