Dine Brands price target lowered to $55 from $68 at KeyBanc

KeyBanc lowered the firm’s price target on Dine Brands to $55 from $68 and keeps an Overweight rating on the shares after the firm interviewed multiple, large, multi-unit restaurant owners and spent time analyzing its proprietary datasets to generate insights on several highly franchised restaurant companies. While same-store sales momentum among franchised restaurant brands will likely show resilience through the Q3, tougher comparisons and moderating pricing will likely weigh on investor sentiment in Q4/2024, KeyBanc says. Moreover, the prospect of higher interest rates for longer should continue to limit valuation upside.