Wendy’s price target lowered to $19 from $20 at Wedbush

Wedbush lowered the firm’s price target on Wendy’s to $19 from $20 and keeps a Neutral rating on the shares. The company’s Q4 earnings were below expectations on same-store-sales growth softness and lower than expected margin, the analyst tells investors in a research note. However, the firm says the 2024 same-store-sales growth guidance is above expectations on management optimism that incremental investments will drive growth acceleration. Wedbush reduced estimates, saying Wendy’s 2024 investments will result in lower EBITDA.