As previously reported, Gordon Haskett analyst Jeff Farmer downgraded Wendy’s to Hold from Buy with a $21 price target. U.S. traffic growth appears to have sequentially softened in Q4 and the firm is looking for continued U.S. traffic declines in the backdrop of an increasingly promotional U.S. burger segment, which it sees limiting Wendy’s upward revision prospects in 2024, the analyst tells investors.
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