Argus Upgrades Wendy's (WEN) to Buy
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Argus upgraded Wendy's (NASDAQ: WEN) from Hold to Buy with a price target of $15.00.
The firm believes that Wendy’s has revitalized its brand over the last three years by selling more than 800 company-owned restaurants. By the end of the year, franchisees will own 95% of all Wendy’s restaurants and only 5% will be company-owned.
The firm is raising 2016 EPS estimate from $0.38 to $0.42 and our 2017 estimate from $0.42 to $0.49
Shares of Wendy's closed at $12.76 yesterday.
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