Wedbush lowered the firm’s price target on Denny’s to $10.50 from $11 and keeps a Neutral rating on the shares. The firm cites the company’s Q4 results that were below expectations and “disappointing” 2024 EBITDA guidance. Wedbush believes Denny’s current discount to its pre-COVID 5-year median forward EV/EBITDA multiple of 11.5-times is an appropriate reflection of limited visibility into the company’s ability to return to its pre-COVID growth trajectory/algorithm.
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