CL King lowered the firm’s price target on Dine Brands to $65 from $75 and keeps a Buy rating on the shares. Dine Brands reported Q3 adjusted EBITDA that beat the consensus outlook, despite worsening same-store sales declines at Applebee’s and in-line SSS at IHOP, the analyst tells investors in a research note. Dine’s scale and relative agility position it to achieve at least the midpoint of its FY23 adjusted EBITDA guidance range and post decent earnings growth in FY24, the firm argues.
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