Wendy's (WEN) PT Lowered to $11 at Stephens

Stephens analyst Jim Salera lowered the price target on Wendy's (NASDAQ: WEN) to $11.00 (from $13.00) while maintaining a Equal Weight rating.

The analyst commented: "WEN reported mixed 2Q25 results, with global same-store sales and unit growth both missing expectations, though adj. EBITDA and EPS came in above consensus. Notably, the company lowered FY25 global systemwide sales guidance for the second consecutive quarter, now anticipating ongoing traffic softness through year-end. While July comps remain pressured (down 5%–6%), WEN is refocusing its strategy around fewer, higher-impact activations across four core pillars (burgers/chicken/Frosty/beverages). We see promise in the simplified calendar and stepped-up digital investment, though improved execution and better franchisee alignment will be critical to regaining traffic. Despite near-term headwinds from a highly competitive QSR landscape, the company reiterated its confidence in 2%-3% net unit growth for FY25. We believe sustained comp improvement and a return to beat-and-raise execution will be necessary to re-establish investor confidence. We are maintaining our EW rating and updating our PT to $11 (vs. $13 prior)."

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