UPDATE: Guggenheim Starts Wendy's (WEN) at Buy
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Guggenheim analyst Gregory Francfort initiates coverage on Wendy's (NASDAQ: WEN) with a Buy rating and a price target of $26.00.
The analyst comments "Our Buy rating is premised on too much pessimism on the sustainability of WEN market share gains. Wendy’s shares pre-Covid traded in a $20-$24 range and the pandemic has helped support top-line market share gains for the brand (low double digit current two-year comps). The current share price of $23 per share suggests investors are overlooking all sustainability of the past 18 months’ success, creating an opportunity for investors to get constructive on the stock at these levels."
Shares of Wendy's closed at $22.82 yesterday.
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