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Wendy's a Buy as Diners Return, Despite Staffing Issues: Piper

·1 min read

By Christiana Sciaudone

Investing.com -- The Wendy’s Co (NASDAQ:WEN) jumped more than 1% after Piper Sandler reiterated a buy-equivalent rating.

Wendy’s same-store sales remain in the “+mid-teens% range (higher sequentially) driven in part by menu innovation efforts and the new app/loyalty program,” analyst Nicole Regan wrote in a note, StreetInsider reported.

The analyst reiterated an overweight rating and $27 price target following positive checks for May. “Our domestic checks for May validate the notion that sales are not the restaurant industry’s issue (especially compared to labor),” Regan said. “Consumers have all but flipped a switch, noting sales channels are shifting from drive-thru back to dine-in. Most (if not all) concepts are up across the board.”

But, she noted the difficulty in finding help, with 87% of operators in May unable to fully staff restaurants.

Meanwhile, Northcoast Research upgraded Wendy’s to buy from neutral with a price target $30.

The Cheesecake Factory (NASDAQ:CAKE) also got a boost, as Webush added it to its best ideas list, but apparently that’s not good enough for investors, who were pushing shares down 0.3%.

“We expect post-COVID market share opportunities to result in higher growth vs. pre-COVID growth rates, resulting in an increasing premium relative to CAKE’s pre-COVID valuations,” analyst Nick Setyan said. “In the near-term, we view CAKE’s recent selloff as an attractive buying opportunity, and add shares to the Wedbush Best Ideas List.”

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