TD Cowen ‘skeptical’ Trian reported talks lead to acquisition of Wendy’s

TD Cowen analyst Andrew Charles notes that the Financial Times reported that 16% shareholder Trian Fund Management is having discussions for a potential Wendy’s (WEN) go-private bid. However, the firm’s view remains that it is “skeptical this will result in an acquisition” of Wendy’s following an unsuccessful attempt in 2022, arguing that Wendy’s has “taken the proverbial medicine a financial buyer would likely implement.” The firm keeps a Hold rating and $6 price target on Wendy’s shares.