Wendy’s price target lowered to $22 from $23 at Evercore ISI

Evercore ISI analyst David Palmer lowered the firm’s price target on Wendy’s to $22 from $23 and keeps an In Line rating on the shares. While the firm looks forward to “seeing Wendy’s under new CEO Kirk Tanner,” it is trimming its price target to reflect lower EBITDA and free cash flow forecasts while noting its target valuation represents a significant discount to global franchised peers due to Wendy’s lower long term systemwide sales growth and EBITDA growth.