Wendy’s sees growth opportunities in 2023 and beyond, says RBC Capital

RBC Capital analyst Christopher Carril keeps a Sector Perform rating with a $25 price target on Wendy’s after holding talks with its CEO Todd Penegor and CFO Gunther Plosch. The tone of the discussion was positive and the management cited a number of key growth opportunities for 2023 and beyond, including late-night and breakfast expansion, menu innovation, digital, and new restaurant development, the analyst tells investors in a research note. The company aims to deliver long-term global system-wide sales growth of mid single digits and free cash flow growth of high-single to low-double digits, RBC added.