Wendy’s price target lowered to $21 from $22 at Truist

Truist analyst Jake Bartlett lowered the firm’s price target on Wendy’s (WEN) to $21 from $22 and keeps a Buy rating on the shares as part of a broader research note previewing Q2 same-store-sales for Restaurants. The firm cites Truist Card Data pointing broadly to sales downside, with pressure on fast food as the recent value promotions are not helping yet but strength in the “fast casual” segment, the analyst tells investors in a research note. For U.S. Wendy’s, Truist Card Data suggests system sales of $3.26B, which is 1.1% below consensus, the firm adds, stating that growth decelerated in the last week of June, though much less than at McDonalds (MCD) and Burger King (QSR).