Wendy’s price target lowered to $11 from $12 at Stifel

Stifel analyst Chris O’Cull lowered the firm’s price target on Wendy’s (WEN) to $11 from $12 and keeps a Hold rating on the shares. Recent earnings reports point to “a market that is punishing restaurant stocks, even on solid results,” says the analyst, who remains “cautious” heading into next week’s restaurant earnings reports as consumer spending in the sector has been lackluster and appears to be deteriorating further in early Q4.