Denny’s downgraded to Neutral from Outperform at Wedbush

Wedbush analyst Nick Setyan downgraded Denny’s (DENN) to Neutral from Outperform with a price target of $10, down from $12.50. The analyst is "incrementally concerned" that One Group Hospitality (STKS) and Denny’s have overly optimistic margin expectations to hurdle in 2023. Further, Setyan believes Denny’s will need to shift its focus more towards value in order to shore up transaction declines at the expense of margins.