Goldman Sachs Removes Wendy's (WEN) from Conviction Buy List

August 11, 2016 8:16 AM EDT
Get Alerts WEN Hot Sheet
Price: $10.72 --0%

Rating Summary:
    10 Buy, 14 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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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.

For an analyst ratings summary and ratings history on Wendy's click here. For more ratings news on Wendy's click here.

Shares of Wendy's closed at $9.91 yesterday.

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