Guggenheim analyst Matthew DiFrisco upgraded Wendy’s to Buy from Neutral with an $18 price target. The shares closed yesterday down 5c to $15.70. The recent pullback in shares implies a greater than 7% free cash yield on 2019 estimates, which is over 45% higher than peers, DiFrisco tells investors in a research note. The analyst acknowledges Wendy’s same-store-sales “will contend with heavy value promotional activity,” but he notes the brand has averaged a 2% pace over the last two years while successfully re-franchising and improving its corporate EBITDA margin to over 30%.