Wendy's (WEN) PT Raised to $15 at Instinet Following 1Q Beat

Instinet raised its price target on Wendy's (NASDAQ: WEN) to $15.00 (from $11.00) while maintaining a Neutral rating. Wendy’s reported adjusted first-quarter EPS of $0.09 was a penny above the Consensus Metrix number of $0.08.

The company’s EPS target range for this year remains at $0.45-0.47. Given a quicker-than-anticipated rate of G&A cuts, Instinet takes up our full-year 2017 EPS estimate by $0.01, to $0.47, and full-year 2018 EPS estimates by $0.02, to $0.57.

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