Wedbush Raises Price Target on Denny's Corp (DENN) Following 2Q Results

Wedbush reiterated an Outperform rating on Denny's Corporation (NASDAQ: DENN), and raised the price target to $15.00 (from $14.00), following 2Q15 results. Q2 EPS of $0.11 was below $0.12 consensus. Raised 2015 guidance now calls for adj. EBITDA of $86-88 million, up from $85-87 million.

Analyst Nick Setyan commented, "We believe Denny’s is poised to benefit from multiple near-, medium- and long-term SSS growth drivers and margin opportunities, delivering upside to current consensus expectations, and driving continued multiple expansion. Higher stock-based comp offsets continued strong SSS growth. Q2 EPS of $0.11 was below $0.12 cons., on co-owned SSS growth of 7.9% (7.2% franchised), that was well ahead of 4.6% consensus. Higher stock-based comp ($1 million vs. our estimate) accounted for the penny miss relative to our model."

For an analyst ratings summary and ratings history on Denny's Corporation click here. For more ratings news on Denny's Corporation click here.

Shares of Denny's Corporation closed at $12.60 yesterday.

You May Also Be Interested In

• Morgan Stanley Upgrades Macquarie Group Ltd. (MQG:AU) (MQBKY) to Overweight
• Wingstop (WING) PT Raised to $375 at Citi
• Travelers (TRV) PT Lowered to $235 at CFRA