Wendy’s price target lowered to $11 from $13 at Morgan Stanley

Morgan Stanley analyst Brian Harbour lowered the firm’s price target on Wendy’s (WEN) to $11 from $13 and keeps an Underweight rating on the shares. With industry demand improved, the firm sees a likely better quarter for restaurants and food distributors than Q1, the analyst tells investors in a research note. Ongoing policy noise remains a risk but middle/upper income customer cohorts remain solid, and costs are mostly benign, the firm argues.