Wendy's (NASDAQ:WEN) was downgraded to hold from buy at Stifel after today's 26% gain surpassed Stifel's $25 price target. Wendy's gained 4.4% in after hours trading.
"Although we remain constructive toward the company's fundamental outlook, we believe the stock's current valuation (19.5x EV/ EBITDA NTM) fully reflects the growth we were assuming to reach our target price," Stifel analyst Chris O'Cull wrote in a note.
Meme stocks remained in the news on Tuesday. This time, Wendy's became the most visible beneficiary. Shares of the fast-food chain jumped to an all-time high amid meme-investor interest. CNBC's Jim Cramer attributed the Wendy's gain to Reddit user Chillznday and others who posted about the "new summer salad" and "Wendys chicken tendies."