Wendy’s price target lowered to $26 from $29 at Loop Capital

Loop Capital analyst Alton Stump lowered the firm’s price target on Wendy’s to $26 from $29 and keeps a Buy rating on the shares. The firm’s U.S. franchisee checks indicate that same-store sales growth came in below expectations in Q4, decelerating from 1.5%-2.0% growth during the first half of Q4 to flattish trends during the second half of the quarter, the analyst tells investors in a research note. The firm adds that the introduction of the Pretzel Baconator on November 28th sold fairly well but did not provide the same lift as the company’s launch of Italian Mozzarella Chicken/Cheeseburger sandwiches and Garlic Fries LTOs in mid-November of 2022.