TD Cowen lowered the firm’s price target on Wendy’s (WEN) to $16 from $17. The firm said while they appreciate the difficult but necessary steps to reduce the dividend, that presents more financial flexibility to repurchase stock as well as a new guidance philosophy to guide more realistically. While this leads Cowen to believe shares are near a bottom category challenges highlighted in their 2025 outlook lead them to remain on the sidelines.
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