Wendy’s price target raised to $19 from $18 at BofA

BofA analyst Sara Senatore raised the firm’s price target on Wendy’s (WEN) to $19 from $18 and keeps an Underperform rating on the shares after the company reported Q3 results. While trends accelerated in Q4 with the launch of the SpongeBob promotion, the firm thinks continued pressure on lower income spending, as well as intensifying value competition at breakfast, creates risk to management’s expectation of acceleration through the first half of 2025, the analyst tells investors in a post-earnings note.