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

Truist analyst Jake Bartlett lowered the firm’s price target on Wendy’s to $22 from $23 and keeps a Buy rating on the shares. The analyst cites the company’s same-store-sales and EBITDA miss in Q4, along with its lower than expected FY24 guidance, though its digital platform to defend and win market share should “prove successful”. Truist also sees improving margins and a strong development pipeline for Wendy’s.