Deutsche Bank Maintains Buy on Wendy's Arby's Group

Deutsche Bank is out with its report today on Wendy's/ Arby's Group WEN, maintaining Buy. In its report, Deutsche Bank writes, "Focus issues for WEN include: cash utilization, breakfast progress, upcoming 'golden' burger launch, inflation update, HQ restructuring plans, and of course, July/Aug trends. We note that some consensus forecasts appear to still include Arby's, which was sold in July. The ex-Arby's results will be key. On this basis, our EBITDA forecast is $89.5mm for 2Q and $332mm for 2011. Maintain Buy on improving brand positioning, discounted valuation, and sizeable cash balance." At the time of posting, shares of WEN were trading pre-market at $4.75, up 7.47% from Monday's close.