Denny’s price target lowered to $9 from $13 at Citi

Citi analyst Jon Tower lowered the firm’s price target on Denny’s to $9 from $13 and keeps a Neutral rating on the shares ahead of the Q3 report. The analyst expects Denny’s speaks positively about making progress against its Crave brand strategy, and says the shares “certainly look inexpensive” verses history, even after marking to a soft market. However, it is hard to make the case for meaningful upside with softening traffic trends, higher for longer rates and additional California wage pressures adding additional question marks to a return to positive unit growth, the analyst tells investors in a research note.