One Group Hospitality downgraded to Neutral from Outperform at Wedbush

Wedbush analyst Nick Setyan downgraded One Group Hospitality (STKS) to Neutral from Outperform with a price target of $6.50, down from $7.50. The analyst is "incrementally concerned" that One Group Hospitality and Denny’s (DENN) have overly optimistic margin expectations to hurdle in 2023. Further, Setyan believes One Group Hospitality may have priced itself, particularly Kona, at a level that puts it at a relative disadvantage in an increasingly value-conscious consumer environment.