Markets & Finance

Robbie Stephens Keeps Strong Buy on Wendy's

Wendy's (WEN) sees EPS of $0.39 for the first quarter and $1.85-$1.90 for all of 2002. Robertson Stephens reiterated its strong buy rating on the shares and its $44 price target.

Analyst Paul Westra says Wendy's March same-store sales were strong. The company successfully drove increased sales to the bottom line, says Westra, and expects to beat the $0.37 first quarter EPS estimate by $0.02. He raised his $1.91 2002 EPS estimate to $1.93 and maintains his $2.20 forecast for 2003. Westra continues to believe that the company's new Garden Sensation Salads will become the most successful new product introduction in its history.

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