Denny’s price target lowered to $6 from $7 at Piper Sandler

Piper Sandler analyst Brian Mullan lowered the firm’s price target on Denny’s (DENN) to $6 from $7 and keeps a Neutral rating on the shares after the company reported Q4 results and hosted its call. With the Q4 largely preannounced at the ICR conference, the incremental information really pertained to Denny’s initial FY2025e guidance, and the related commentary given on the call. In this case, unfortunately, the incremental information was not positive, Piper says. On the call, management indicated that it has observed “evolving consumer sentiment driven by macro events,” and going on to say that “…over the last few weeks in particular, we’ve seen a decline in systemwide same-restaurant sales.”