Friday October 11, 2019, 00:00:00
Earlier today, Wendy’s (WEN; Buy) hosted an Analyst Meeting. Shares are reacting positively to the news intraday, although there’s a lot of unpack, so let’s get to it. We maintain our Buy rating on WEN, and note the following:
Monday September 9, 2019, 00:00:00
After today’s (Monday’s) market close, Wendy’s (WEN; Buy) announced it plans to launch breakfast nationwide during 2020 — and that as part of this, it’s lowering its financial targets for 2019, and removing its financial targets for 2020. The shares are down in after-market trading by about -5% as of this writing.
Wednesday September 4, 2019, 00:00:00
With this report, we upgrade the shares of Wendy’s (WEN) to Buy from Neutral. We believe that August 2019 same-store sales for Wendy’s were easily the best such month for the concept so far this year, with the return of Spicy Chicken Nuggets proving to be a large — maybe even massive — hit with guests. In fact, we believe that August 2019 was perhaps the best or second-best month for Wendy’s samestore sales so far this decade. While there was nothing unusual about July 2019 (the start to Q3), if Wendy’s can retain some of the momentum that it apparently gained during August, that bodes well for the brand for September and as it heads toward its planned October 2019 Analyst Meeting.
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