Wendy’s price target lowered to $20 from $22 at Stephens

Stephens lowered the firm’s price target on Wendy’s to $20 from $22 but keeps an Overweight rating on the shares after its Q4 earnings miss and below-consensus guidance. The company delivered a solid bridge to growing FY24 global same-store sales through increased investment in breakfast while its peers have pointed to headwinds during the day-part due to a softer macro, the analyst tells investors in a research note. The firm maintains its view that the s strategic priorities of Wendy’s in growing breakfast and late-night sales, menu innovation, continued growth in higher margin digital sales, and unit growth expectations can drive sales, EBITDA, and earnings growth, going forward.