Wendy’s rises as Wolfe highlights buzz about SpongeBob, ‘Frosty Frights’ offers

Wolfe Research tells investors that the firm’s recent social media checks suggest Wendy’s will release a “Krabby Patty” Meal in collaboration with Nickelodeon’s SpongeBob SquarePants on October 8, adding that the firm thinks this collaboration will attract adults and children, should support Wendy’s social media buzz and likely benefit Q4 trial and traffic. The firm, which notes the “Krabby Patty” offer would mark the latest of several promotions, including the recently launched “Frosty Frights” Kids’ Meal and the expected October debut of an “Adult Meal” with a new “Frosty Frights” character, has an Outperform rating and $20 price target on Wendy’s shares, which are up 3% to $17.42 near midday.