Wendy’s shares to remain in ‘penalty box,’ says TD Cowen

TD Cowen analyst Andrew Charles thinks shares of Wendy’s (WEN) will remain in the “penalty box” post the Q1 report. The firm has a Hold rating on the shares with a $6 price target Amid a challenging backdrop for low income consumers, Wendy’s sales improvement is increasingly weighted towards the back-half of the year, the analyst tells investors in a research note. TD also sees Wendy’s as disadvantaged to its large-scale quick service peers’ value efforts, beverage platform launches and marketing campaigns.