Citi analyst Jon Tower raised the firm’s price target on Wendy’s (WEN) to $18.75 from $18 and keeps a Neutral rating on the shares as part of an earnings preview. The firm sees risks to Wendy’s Q3 same-store-sales nd expects a “muted tone” on Q4. McDonald’s (MCD) is leaning further into value and launching headline-grabbing new products, putting Wendy’s “in the cross hairs as a share donor,” the analyst tells investors in a research note. However, Citi sees little risk to Wendy’s annual EBITDA guidance.
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