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Stifel downgrades Wendy's, citing Reddit-fueled spike that pushed stock past 12-month price target

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A customer exits a Wendy's Co. fast food restaurant in San Antonio, Texas.
Callaghan O'Hare | Bloomberg | Getty Images

The spike in Wendy's stock price scared off one bullish Wall Street firm.

Stifel analyst Chris O'Cull downgraded the restaurant stock to hold from buy, saying in a note to clients on Wednesday that the Reddit-fueled surge overtook the fundamental upside for the company.

The stock rose roughly 26% on Tuesday to close at nearly $29 per share. Stifel has a price target of $25 on Wendy's.

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