Citigroup Maintains Neutral Rating for Wendy's: Here's What You Need To Know

Citigroup has decided to maintain its Neutral rating of Wendy's WEN and lower its price target from $23.00 to $20.00.

Shares of Wendy's are trading up 0.99% over the last 24 hours, at $19.30 per share.

A move to $20.00 would account for a 3.63% increase from the current share price.

About Wendy's

The Wendy's Company is the second-largest burger quick-service restaurant, or QSR, chain in the United States by systemwide sales, with $11.7 billion in 2022, narrowly edging Burger King ($10.3 billion) and clocking in well behind wide-moat McDonald's ($48.1 billion). After divestitures of Tim Hortons (2006) and Arby's (2011), the firm manages just the burger banner, generating sales across a footprint that spanned almost 7,100 total units in 30 countries as of year-end 2022. Wendy's generates revenue from the sale of hamburgers, chicken sandwiches, salads, and fries throughout its company-owned footprint, through franchise royalty and marketing fund payments remitted by its franchisees, which account for 94% of stores, and through franchise flipping and advisory fees.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.