UPDATE: Argus Upgrades Wendy's (WEN) to Buy

Argus analyst John Staszak upgraded Wendy's (NASDAQ: WEN) from Hold to Buy with a price target of $27.00.

The analyst comments "We are raising our rating on Wendy’s Co. (NYSE: WEN) to BUY from HOLD and setting a target price of $27. The company continues to benefit from new menu items, low single-digit unit expansion, and accelerated investments in its digital business. In addition, to drive growth, management is focusing on reimaged restaurants and smaller, more efficient store formats. We believe that the shares have room for further gains following the company’s stronger-than-expected 1Q results and management’s upwardly revised guidance. Our target of $27, combined with the dividend, implies a total potential return of 16% from current levels."

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 $23.57 yesterday.

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