The Wendy's Co Class A

WEN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$21.00	Rbvrh	Brdrslxsy

Wendy's Earnings: Solid Sales, Maintained Guidance Suggest Shares Fairly Priced

Sean Dunlop

May 10, 2023

After a solid but unspectacular quarter that saw no-moat Wendy's maintain its full-year guidance and the medium-term targets it laid out on its fourth-quarter earnings call, we don't expect any material changes to our $23.50 fair value estimate, leaving shares fairly priced.

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