Wednesday April 3, 2019, 00:00:00
By Mark Kalinowski
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:
NEW YORK CITY NON-DEAL ROADSHOW PLANNED FOR THURSDAY, JUNE 20TH
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Thursday February 28, 2019, 00:00:00
By Mark Kalinowski
With this report, we introduce our data-driven Kalinowski Family Dining Index for Q1E at +2.8%. This figure is based on our latest proprietary checks/data as regards samestore sales performance for this segment during January 2019 and the first half of February 2019.
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Sunday January 6, 2019, 00:00:00
By Mark Kalinowski
With this report, we update our data-driven Kalinowski Family Dining Index for Q4E from +1.6% to +2.0%. This 40 basis-point increase is based on our latest proprietary checks/data as regards same-store sales performance so far for this segment during the second half of November and the first half of December. (We would note that this increase follows the 40 basis-point increase we already made to this index back on December 3rd; for more details please refer to our report of that date entitled “Updating our Q4E Kalinowski Family Dining Index.”)
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