UPDATE: Wedbush Reiterates Neutral Rating, Lowers PT for Wendy's
In a report published earlier today, Wedbush Securities Inc. reiterated its Neutral rating for the Wendy's Company (NASDAQ: WEN) and very slightly lowered its price target from $5.25 to $5.00.
Wedbush went on to say “We believe Wendy's is in the middle innings of a multi-year turnaround effort with multiple long- and medium-term opportunities ahead. Nevertheless, we remain sidelined pending improved visibility into sustainability of SSS growth from menu and marketing innovations, as well as returns from stepped up investment in scrape-and-rebuild remodels.”
The Wendy's Company closed yesterday at $4.67.
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