UBS analyst Dennis Geiger initiated coverage of Dine Brands with a Buy rating and $68 price target. The company’s scale and heavily franchised business model provide “unique” free cash flow stability within casual dining, while its core brands Applebee’s and IHOP are category leaders, the analyst tells investors in a research note. The firm says Applebee’s remains highly relevant to consumers and its sales growth should improve, while initiatives at IHOP should enable continued low single digit same-store-sales.
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