Goldman Sachs Removes Wendy's (WEN) from Conviction Buy List
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Goldman Sachs downgraded Wendy's (NASDAQ: WEN) from Conviction Buy to Buy with a price target of $11.00 (from $12.50). Analyst Karen Holthouse remains bullish on the stock but pointed out limited comp visibility.
"We continue to see a compelling longer-term cash flow story for WEN, with refranchising, upside to property revenues, and the potential for additional G&A cuts offering a cushion against potentially weaker comp trends; however, in the current environment, we see execution risk and the potential for additional FY16 comp guidance reductions. As a result, we remove shares from the CL but maintain our Buy rating," said Holthouse.
Shares of Wendy's closed at $9.91 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades
Related EntitiesGoldman Sachs Conviction Buy List, Goldman Sachs
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