RBC Capital lowered the firm’s price target on Wendy’s (WEN) to $11 from $14 and keeps a Sector Perform rating on the shares. The company’s Q2 results were below Street expectations, though also against a low bar coming in, the analyst tells investors in a research note. U.S. comps missed, implying share loss in Q2, while July decelerated to negative 5%-6% as menu innovation and marketing actions in the quarter came short of the management’s expectations, the firm added.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on WEN:
- Wendy’s price target lowered to $12 from $15 at Bernstein
- Wendy’s price target lowered to $11 from $13 at Stephens
- Wendy’s Buy Rating: Stabilization, Free Cash Flow Potential, and Strategic Financial Management
- Wendy’s Hold Rating: Navigating Challenges Amidst Market Pressures and Strategic Shifts
- Wendy’s price target lowered to $13 from $15 at JPMorgan