Oppenheimer Sticks to Its Buy Rating for Wendy’s (WEN)

By Ryan Adsit

In a report released today, Brian Bittner from Oppenheimer reiterated a Buy rating on Wendy’s (WENResearch Report), with a price target of $23.00. The company’s shares closed last Wednesday at $20.21.

According to TipRanks.com, Bittner is a 5-star analyst with an average return of 8.3% and a 64.4% success rate. Bittner covers the Services sector, focusing on stocks such as Restaurant Brands International, Papa John’s International, and Cheesecake Factory.

Wendy’s has an analyst consensus of Moderate Buy, with a price target consensus of $19.33, implying a -6.1% downside from current levels. In a report issued on May 5, Stephens also maintained a Buy rating on the stock with a $24.00 price target.

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Based on Wendy’s’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $427 million and net profit of $26.53 million. In comparison, last year the company earned revenue of $398 million and had a net profit of $18.83 million.

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The Wendy’s Co. engages in operating, developing, and franchising a system of quick-service restaurants. It offers hamburgers and related products, such as chicken breast sandwiches, nuggets, chili, and baked potatoes, French fries, freshly prepared salads, soft drinks, milk, coffee, frosty deserts and kid’s meals. The company was founded by R. David Thomas on November 15, 1969 and is headquartered in Dublin, OH.