Wendy’s price target lowered to $16 from $21 at Loop Capital

Loop Capital analyst Alton Stump lowered the firm’s price target on Wendy’s (WEN) to $16 from $21 and keeps a Buy rating on the shares. The firm’s U.S. franchisee checks indicate same-store sales came in line with expectations in Q2 but are off to a disappointing start in early Q3, tracking down 2.5%-3.0% against its expectations of growth of 2.5% and the consensus estimate of down 0.5%, the analyst tells investors in a research note.