Wendy’s price target lowered to $19 from $20 at Morgan Stanley

Morgan Stanley analyst Brian Harbour lowered the firm’s price target on Wendy’s to $19 from $20 and keeps an Equal Weight rating on the shares. It is clear that restaurant demand generally slowed from the Q1 exit and there have been concerns that customers aren’t responding to the “summer of value,” the analyst notes in a restaurant group preview. Nothing fundamentally “seems to be falling off a cliff to us,” but the firm would expect more misses than beats this quarter and muted comments on recent trends, the analyst added.