5 Stocks Making Headlines on Monday

2. The Wendy’s Company (NASDAQ:WEN) has slipped 3.14% as of 12:03 PM ET after the Ohio-based quick-service restaurant was downgraded from an Outperform to a Market Perform rating by Andrew Strelzik at BMO Capital Markets. The analyst gave a price target of $22 on The Wendy’s Company (NASDAQ:WEN), reflecting a low potential upside of 5.3%. Strelzik thinks that The Wendy’s Company (NASDAQ:WEN) is less prepared to combat a tighter US consumer discretionary spending pattern compared to its competitors in the challenging macroeconomic environment. The analyst thinks that customers would opt for less valuable items and lower order add-ons as price levels rise.

The Wendy’s Company (NASDAQ:WEN) was held by 26 hedge funds at the end of Q4 2021, with a combined stake of $906.7 million.