Piper Sandler lowered the firm’s price target on Dine Brands to $49 from $59 and keeps a Neutral rating on the shares. The firm notes the company reported its Q3 results and hosted its call. While the Q3 same-store sales results at IHOP and Applebee’s were both relatively muted, this was also to be expected. And although the 2023 adjusted EBITDA range was essentially reiterated, at issue today was the sharp cut to IHOP net unit growth expectations, only one quarter after reiterating the guide just under three months ago, Piper says.
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Read More on DIN:
- Dine Brands price target lowered to $60 from $64 at Barclays
- Dine Brands price target lowered to $48 from $54 at Wedbush
- Panera to lay off 17% of staffers ahead of planned IPO, WSJ reports
- Dine Brands sees FY23 adjusted EBITDA $245M-$255 vs. prior $243M-$255M
- Dine Brands reports Q3 EPS $1.46, consensus $1.31
