As previously reported, Evercore ISI analyst David Palmer downgraded Wendy’s (WEN) to In Line from Outperform with a $25 price target. His base case macro scenario entering 2023 calls for restaurant industry growth slowing from mid-single digit same-store sales growth in Q4 to low-single digits in 2023 along with diminishing input inflation. In this content, Palmer prefers names that are likely to gain share and/or benefit from easing inflation or favorable international exposure, he tells investors, calling out Yum! Brands (YUM), Chipotle (CMG) and Starbucks (SBUX) as his top three picks in the space for 2023.
Published first on TheFly
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Read More on WEN:
- Wendy’s: Role of President, U.S., Chief Commercial Officer to be eliminated
- Wendy’s Chief Accounting Officer, CFO U.S., Leigh Burnside, to resign
- Wendy’s downgraded to In Line from Outperform at Evercore ISI
- Wendy’s CEO says ‘we continued to deliver compelling sales and profit growth’
- Wendy’s sees Q4 U.S. same-restaurant sales growth 5.9%
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