Wedbush Upgrades Wendy's (WEN) to Outperform; Improving Near-Term with Catalysts Surfacing
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Price: $9.01 +2.27%
Rating Summary:
13 Buy, 25 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
13 Buy, 25 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Wedbush upgraded Wendy's (NASDAQ: WEN) from Neutral to Outperform with a price target of $5.50 (from $5.00).
Analyst, Nick Setyan, said, "Based on our upwardly revised expectations for sustained near-term SSS growth and unit-level profitability beyond Q2, we believe Wendy’s current discount to peers on an EV/EBITDA basis is unwarranted. Therefore, we are raising Wendy’s shares to OP."
"We believe improved fundamentals are sustainable beyond Q2 and are raising our Q3 SSS growth estimate to 3% from 2% and our 2012 adj. EBITDA estimate to $332 million from $328 million...With reduced near-term risk, potential 2H catalyst in ‘image activation’ remodels more appealing." (FY12/13 EPS estimate raised $0.01 each to $0.18/0.23, respectively)
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 $4.58 yesterday.
Analyst, Nick Setyan, said, "Based on our upwardly revised expectations for sustained near-term SSS growth and unit-level profitability beyond Q2, we believe Wendy’s current discount to peers on an EV/EBITDA basis is unwarranted. Therefore, we are raising Wendy’s shares to OP."
"We believe improved fundamentals are sustainable beyond Q2 and are raising our Q3 SSS growth estimate to 3% from 2% and our 2012 adj. EBITDA estimate to $332 million from $328 million...With reduced near-term risk, potential 2H catalyst in ‘image activation’ remodels more appealing." (FY12/13 EPS estimate raised $0.01 each to $0.18/0.23, respectively)
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 $4.58 yesterday.
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