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

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.