Yum! Brands initiated with an Overweight at Wells Fargo

Wells Fargo analyst Zachary Fadem initiated coverage of Yum! Brands with an Overweight rating and $145 price target. Yum has "a premium business model" times three and the firm views it "uniquely positioned" to effectively play offense with accelerating global growth, Taco Bell momentum, China recovery, and Pizza Hut turnaround as well as defense with its highly franchised, asset light model.