J.P. Morgan

J.P. Morgan Downgrades Wendy’s Amid High Capex and Sluggish U.S. Sales

On December 3, 2025, J.P. Morgan lowered its rating for Wendy’s stock from “Buy” to “Neutral.” The firm also dropped its price target for Wendy’s, from $12 to $9. The downgrade did not come from hype. It came from real concern. According to J.P. Morgan, Wendy’s is spending big money on upgrades. But at the same time, sales at U.S. restaurants are weak.

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