Wendy’s downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Wendy’s to Neutral from Overweight with a price target of $19, down from $22, following the Q4 report. The stock is likely to remain range-bound in an industry where price promotion and capital intensity across the category is likely to increase, the analyst tells investors in a research note. The firm says many within the core quick service restaurant consumer base are increasingly focused on value.