Denny's Corporation (DENN) PT Raised to $17 at Truist Securities

Truist Securities analyst Jake Bartlett raised the price target on Denny's Corporation (NASDAQ: DENN) to $17.00 (from $14.00) while maintaining a Buy rating.

The analyst commented, "We are reiterating our BUY rating and increasing our PT to $17, from $14, given greater confidence in DENN's sales recovery and franchisee health. At ICR, DENN announced the addition of 2 virtual brands that it is launching in February and the Spring, respectively. We now expect average weekly sales (AWS) to grow at a CAGR of +1.5% from '19 - '22, vs. our prior +1.0% est., and +2.0% from '16 - '19. Also, the new PPP program is structured to help smaller franchisees more than the prior round, which DENN is heavily exposed to. Increasing estimates and our target multiple to 12.5x, from 11.0x."

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