Trian previously signaled more active strategic push at Wendy’s, says Stephens

Stephens notes that Wendy’s (WEN) shares are indicated about 20% higher in pre-market trading following the Financial Times’ report that activist investor Nelson Peltz’s Trian Fund Management is canvassing investors to back a potential take-private bid. The firm, which reminds investors that earlier in the year Trian’s updated 13D signaled a more active strategic push, believes stock performance this year “from a fundamental perspective” will be tethered to sustained sequential comp improvement, cleaner franchisee economics, and increased implementation of the Project Fresh playbook. Stephens has an Equal Weight rating and $8 price target on Wendy’s shares.