Wendy’s placed on ‘positive catalyst watch’ at Citi

Citi analyst Jon Tower placed Wendy’s (WEN) on a “30-day positive catalyst watch” while keeping a Neutral rating on the shares with a $15.50 price target Wendy’s limited-time offer product tie-in, Thin Mint Frosty, should begin to reverse its year-to-date traffic and share loss, resulting in improving high-frequency data, the analyst tells investors in a research note. The firm says that when combined with a “relatively unassuming valuation” and management’s comments regarding being active soon around share repurchase activity during the Q4 earnings call, the stock should move higher in the near term.