NEW YORK (TheStreet) -- Shares of fast-food giant Wendy's (WEN) are still struggling to find solid footing ever since Morgan Stanley analyst, John Glass, lowered his rating on the stock to "Underweight" from "Equal-weight" on March 1.While setting a $5.00 price target, Glass suggested that the company's restructuring efforts may take longer than investors expect. However, it would seem the company's actually on schedule. And if fourth-quarter earnings serve as indication, Wendy's plan to be "A Cut Above" should produce gains above what the Street expects.
Glass did, however, complimented Wendy's management team, saying "it is the strongest in recent memory," and he believes repositioning the company as a purveyor of more premium food makes intuitive sense. However, the timing of the downgrade does not offer a vote of confidence.