Takeaways from Wendy’s 2022 Franchise Disclosure Document positive, says Truist

Truist keeps a Buy rating and $28 price target on Wendy’s, stating that after reviewing the company’s 2022 Franchise Disclosure Document issued last week, the firm’s takeaways are "positive". The projected openings in FY23 are down but higher than historical levels, with greater near-term visibility, the analyst tells investors in a research note. Truist adds that the unit economics with about 16% ROI before leverage also appear strong enough to justify more development.