Oppenheimer bets on Denny's, says diner's rebranding will create value

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Denny's waitress delivers free Grand Slam breakfasts to customers
Justin Sullivan | Getty Images

Restaurant chain Denny's' rebranding strategy is "serving up outsized returns," according to Oppenheimer.

The firm initiated coverage of the stock with an outperform rating and a $27 price target. Denny's currently trades around $22.59 per share.

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