Wendy’s price target lowered to $24 from $26.50 at Wedbush

Wedbush analyst Nick Setyan lowered the firm’s price target on Wendy’s to $24 from $26.50 and keeps an Outperform rating on the shares. The firm views Wendy’s current valuation as an overly pessimistic assessment of management’s ability to navigate towards mid- to high-single-digit annual EBITDA growth and low- to mid-teens annual EPS and free cash flow/share growth in 2023 and beyond. Wedbush also lowered its EBITDA estimates, but continues to view the high end of $530M-$540M 2023 guidance as realistic and model 7.2% growth in 2024.