Wendy’s price target raised to $16 from $15 at UBS

UBS analyst Dennis Geiger raised the firm’s price target on Wendy’s (WEN) to $16 from $15 and keeps a Neutral rating on the shares. At its Investor Day, management highlighted plans to drive accelerating unit and profit growth, driven by compelling food offerings, effective marketing, operational enhancements, and an increasing pace of store development over the coming years, and unveiled its long-term growth algorithm, the analyst tells investors in a research note. UBS is looking for indications of sustained sales momentum, accelerating development trends, and strong EBITDA and free cash flow growth as drivers for upside.