Wendy’s initiated with an Underperform at Mizuho

Mizuho initiated coverage of Wendy’s (WEN) with an Underperform rating and $8 price target The firm’s channel checks indicate consensus expectations for Wendy’s Q3 and Q4 domestic same-store-sales growth are at risk. Messaging from management under interim CEO Ken Cook has not indicated a strategy to stem the company’s accelerating share losses, the analyst tells investors in a research note.