Citi upgrades Denny’s to Buy after investors get ‘wish list’

Citi upgraded Denny’s (DENN) to Buy from Neutral with a price target of $7.50, up from $7. The firm believes “investors received three updates off their wish list” with accelerated store closures, greater discipline at the cost level, and a clearer view of the KeKe’s growth plans. Citi sees “at least some credibility” behind Denny’s initiatives. Investors are giving Denny’s little credit for the potential positives and the stock’s risk/reward is now favorable to the upside, the analyst tells investors in a research note.