Denny's Analysts Cut Their Forecasts After Q1 Earnings
Portfolio Pulse from Avi Kapoor
Denny's Corporation (NASDAQ:DENN) reported Q1 earnings below market expectations, with adjusted earnings of 11 cents per share against estimates of 14 cents, and sales of $110.00 million versus expected $115.16 million. Despite the miss, CEO Kelli Valade highlighted positive domestic sales and traffic, and outlined sales driving initiatives for the year. Following the report, Denny's shares dropped 2.3% to $8.02, and analysts from Wedbush and Oppenheimer revised their price targets downwards.
May 01, 2024 | 12:34 pm
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NEGATIVE IMPACT
Denny's Corporation reported lower-than-expected Q1 earnings and sales, leading to a 2.3% drop in share price. Analysts from Wedbush and Oppenheimer revised their price targets post-earnings.
The direct impact on DENN's stock price following the earnings miss and subsequent analyst downgrades indicates a negative short-term outlook. The company's acknowledgment of challenges and strategic initiatives may not immediately offset the negative sentiment.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100