Wendy’s price target raised to $23 from $21 at BofA

BofA analyst Sara Senatore raised the firm’s price target on Wendy’s to $23 from $21 and keeps an Underperform rating on the shares. The firm, which continues to see risks to the unit growth target and Wendy’s ability to maintain market share as comps lag peers, notes that pervasive permitting delays are hampering unit growth this year and says Wendy’s will need to accelerate development in both the U.S. and international markets to reach its targets of 2-3% in 2024 and 4-5% in 2025.