Wendy’s price target lowered to $22 from $27 at Stephens

Stephens analyst Joshua Long lowered the firm’s price target on Wendy’s to $22 from $27 but keeps an Overweight rating on the shares. The company’s Q3 results included softer-than-expected global same-store sales driven by U.S. results but was offset by better-than-expected international same-store sales and management of the middle of the P&L, the analyst tells investors in a research note. Stephens maintains its view however that the company’s strategic priorities of growing breakfast and late-night sales, menu innovation, continued growth in higher margin digital sales, and unit growth expectations can produce sustainable sales and earnings growth going forward.