KeyBanc Upgrades The Wendy’s Co. to “Hold” (WEN)

KeyBanc analysts upgraded fast food restaurant operator The Wendy’s Co (WEN) on Friday, noting that the company has a number of positive developments that could provide a floor for the stock.

The analysts upgraded WEN from “Underweight” to “Hold.”

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KeyBanc analyst Christopher O’Cull said, “We are raising our rating for The Wendy’s Company to HOLD as we believe: 1) Wendy’s SRS performance will diverge from the industry for the foreseeable future as new products are supported by more effective use of marketing dollars; 2) better menu and promotional management will lead to improved franchisee profitability (a focus of the new CFO Todd Penegor); and 3) the opportunity to extend the re-franchising program will provide a floor on the stock.”

Wendy’s shares were up 7 cents, or 0.81%, during pre-market trading on Friday. The stock is up 57.01% year-to-date.