Wendy’s price target lowered to $20 from $24 at UBS

UBS lowered the firm’s price target on Wendy’s to $20 from $24 and keeps a Neutral rating on the shares. The analyst cites a reduced multiple given depressed industry valuations, macro headwinds and beef cost overhangs for the target drop. Longer-term, the firm believes share upside potential depends on catalysts including accelerating unit growth and continued breakfast / late-night daypart gains.