Wendy's (WEN) PT Lowered to $20 at Mizuho Securities

Mizuho Securities analyst Jeremy Scott lowered the price target on Wendy's (NASDAQ: WEN) to $20.00 (from $21.00) while maintaining a Buy rating.

Scott commented, "Wendy's posted a top line miss in 3Q18 with flat comps in North America vs us at 1.8% (Street 2.2%), with much of the softness towards the value end of the spectrum as its core competitors have ramped up promotional activity. While EPS beat at $0.17 vs us at $0.15 on nonoperating items, the market will be focused on the shelving of its 2020 guidance due to a reassessment of its international strategy. We adjust our FY18/19/20 EPS to $0.58/0.69/0.88 from $0.57/0.72/0.89. We maintain our Buy rating and lower our price target to $20 from $21."

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