Wendy’s price target raised to $31 from $29 at Loop Capital

Loop Capital analyst Alton Stump raised the firm’s price target on Wendy’s to $31 from $29 and keeps a Buy rating on the shares. The company’s Q2 results were largely in line and the firm is rolling forward its valuation model to FY24 with unchanged enterprise value to expected EBITDA multiple of 15-times, the analyst tells investors in a research note. Loop also remains positive on the “still solid” same-store sales growth profile and favorable positioning as a drive-thru focused concept coming out of the pandemic at Wendy’s.