UPDATE: Wedbush Securities Reiterates Outperform Rating, Raises PT on The Wendy's Company Following Analyst Day

In a report published Wednesday, Wedbush Securities analyst Nick Setyan reiterated an Outperform rating on

, and raised the price target from $12.00 to $13.00. In the report, Wedbush Securities noted, "Updated LT guidance calls for high single-digit adj. EPS growth in 2016 and 2017 and mid-to-high teens in 2018. Adj. EBITDA growth is expected to be flattish in 2016, low-single digits in 2017, and high single-digits in 2018. System-wide SSS growth is projected to be 2.25-3% annually, with 2020 unit-level margins targeted at 20%, on AUV's of $2 million. Crucially, this guidance excludes any benefits from the aforementioned refinancing and refranchising proceeds, which are expected to improve EPS growth to 20% annually beginning in 2016. Although we are not currently incorporating the benefits of any proceeds in our model, we would expect meaningful upward revisions to our and consensus estimates as the refinancing is completed and proceeds are directed toward accelerated share repurchases." The Wendy's Company closed on Tuesday at $11.31.