KeyBanc lowered the firm’s price target on Dine Brands to $68 from $78 to reflect slower same-store sales growth this year, while keeping an Overweight rating on the shares. Based on the firm’s proprietary/third-party data and field work, KeyBanc now sees below-consensus Q2 same-store sales growth for Applebee’s and IHOP, and its estimates assume both brands underperformed the casual dining industry. However, despite what was likely a softer than expected quarter, KeyBanc believes Dine’s valuation is defendable.
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