Wendy’s assumed with an Overweight at Piper Sandler

Piper Sandler assumed coverage of Wendy’s with an Overweight rating and $25 price target. The analyst sees “reasonably attractive potential upside” over the next nine to 12 months and says Wendy’s current dividend yield of 4.5% “could help shield one’s downside in the event of a softer macro environment.” The firm views Wendy’s as one of the great domestic quick service brands in the industry.