Whilst many fast food restaurants are struggling Wendy’s has raised its long-term earnings target.

Wendy’s, the US’s third largest fast food store on Wednesday raised its long-term earnings growth target and unveiled plans to buy back up to $1.4 billion in stock over the next year and a half. They also said they may be re-purchasing a stake of activist investor Nelson Peltz’s share in the chain.

As part of the move, Wendy’s will begin buying back $850 million in stock on Wednesday, through a tender offer to purchase as much as $639 million at $11.05 to $12.25 a share. The remaining amounts of the acquisition will be completed by the end of 2016. Shares rose by 3.6% to $11.50 a share in premarket trading.

In a time where many restaurant chains, including McDonald’s and Burger King have been reducing its amount of stores through franchisees has also made such moves and sold its bakery business to East Balt Bakeries. The company reduced its annual earnings forecast to a range of 31 cents to 33 cents a share on Wednesday, down from as high as 35 cents in the past.

Wendy’s has agreed to buy back up to $211 million in shares from Mr. Peltz’s Trian Fund Management LP, which is reducing its ownership of the company from 24.8% to between 17% and 19.7%.

Wendy’s dropped its capital spending forecasts for the next three years by about $5 million each, the majority being accounted for by the bakery sale. The company said it now expects its per-share earnings to grow by over 20% starting from 2018, higher than its previous estimations.