Tuesday April 30, 2019, 00:00:00
After Tuesday’s market close, Denny’s (DENN; Neutral) reported adjusted Q1 EPS of $0.13, matching our $0.13 forecast and sell-side consensus (according to Consensus Metrix) of $0.13. First-quarter U.S. systemwide same-store sales were up by +1.3%, as opposed to our +1.1% projection and consensus of +1.1%.
Thursday April 4, 2019, 00:00:00
With this report, we update our data-driven Kalinowski Family Dining Index for Q1E to +2.2% (down from +2.8% previously). Our updated figure is based on our latest proprietary checks/data as regards same-store sales performance for this segment during the second half of February 2019 and all of March 2019.
Wednesday April 3, 2019, 00:00:00
We initiate coverage of Denny’s (DENN) with a Neutral rating. At present, we do not view the multiple opportunities and positives of the company (and its stock) as enough to overcome the concerns and risks that we have. Amongst those risks are: (1) the possibility that sell-side consensus EPS for 2019 is too high as of this writing, (2) a likely lack of possible upside to current Street expectations as regards U.S. same-store sales, and (3) some fast-expanding family-dining chain competition. As with each of our Neutral-rated stocks, our target price for DENN is NA (not applicable). We note the following:
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