Wendy’s assumed with a Neutral at JPMorgan

JPMorgan assumed coverage of Wendy’s (WEN) with a Neutral rating with a price target of $17, down from $20. The firm says improving cash and cash returns for new Wendy’s units in the U.S. “is a necessity for this slow growing brand to accelerate.” The firm says the stock currently offers a still attractive 4.0% dividend after the recent dividend cut.