Wendy’s resumed with an Equal Weight at Stephens

Stephens resumed coverage of Wendy’s with an Equal Weight rating and $20 price target. The company has several initiatives in place to support increased consumer engagement with a focus on growing sales in the breakfast and late night day parts, the analyst tells investors in a research note. However, the firm believes Wendy’s is faced with a challenging consumer backdrop that is causing foot traffic headwinds. It believes investors are in a “wait-and-see mode and will want to see tangible evidence of traffic improvement before shares can start to build a catalyst path.”