Evercore ISI analyst David Palmer is adding Wendy’s (WEN) to the firm’s “Tactical Outperform List” as the firm sees upside heading into Wendy’s investor day on March 6. The firm cites an “unchallenging” valuation, a view that turnaround hope may increase following the event, the potential that significant share repurchases could prove helpful to the stock in the near-term and expectations to hear about a significant increase in menu innovation and renovation at the investor day. Evercore has an In Line and $18 price target on Wendy’s shares.
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