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Fly News Breaks for December 11, 2018
DENN
Dec 11, 2018 | 08:16 EDT
Maxim analyst Stephen Anderson initiated Denny's with a Buy rating and a price target of $21. The analyst sees the company's refranchising-related asset sales as its most important "upside earnings driver for at least the next two years", raising its operating margin to 21.8% in 2020 from an estimated 12.0% this year. Anderson also anticipates Denny's to return to 1%-2% net new unit growth thanks to its "refranchising initiative", generate 1%-2% comp growth, and also pursue opportunistic share buybacks next year.
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