KeyBanc analysts upgraded fast food restaurant operator The Wendy’s Co (WEN
) on Friday, noting that the company has a number of positive developments that could provide a floor for the stock.
The analysts upgraded WEN from “Underweight” to “Hold.”
KeyBanc analyst Christopher O’Cull said, “We are raising our rating for The Wendy’s Company to HOLD as we believe: 1) Wendy’s SRS performance will diverge from the industry for the foreseeable future as new products are supported by more effective use of marketing dollars; 2) better menu and promotional management will lead to improved franchisee profitability (a focus of the new CFO Todd Penegor); and 3) the opportunity to extend the re-franchising program will provide a floor on the stock.”
Wendy’s shares were up 7 cents, or 0.81%, during pre-market trading on Friday. The stock is up 57.01% year-to-date.
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