Wendy’s valuation ‘overly pessimistic’ after Q2 report, says Wedbush

Wedbush analyst Nick Setyan reiterates an Outperform rating and $26.50 price target following this morning’s results. The company’s Q2 earnings came in slightly above expectations, says the analyst, who continues to view the reiterated 2023 sales guidance as realistic. The firm views Wendy’s current valuation as an “overly pessimistic assessment” of management’s ability to meet expectations in 2023 and beyond. Wedbush expects Wendy’s “opportunistic repurchases” to continue.