Jefferies analyst Alexander Slagle initiated coverage of Wendy’s with a Hold rating and $25 price target. The analyst believes Wendy’s has a "solid fundamental foundation" in place to drive gradual acceleration in growth. However, he balances this with "what seem to be optimistic Street estimates" and a current valuation of 13.5 times enterprise value to EBITDA. The company’s unit growth is ramping, but could be more modest than hoped, and tailwinds from key sales drivers like breakfast and digital are likely moderate in 2023, Slagle tells investors in a research note.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on WEN: