Dine Brands price target lowered to $78 from $83 at KeyBanc

KeyBanc lowered the firm’s price target on Dine Brands to $78 from $83 to reflect slowing same-store sales trends in March, while keeping an Overweight rating on the shares. The firm is maintaining its Q1 2023 same-store sales growth estimates for both Applebees and IHOP as both brands likely benefited from easy comparisons in January/February. KeyBanc continues to view Dine Brands as an underappreciated franchisor and maintains that both brands possess unique scale advantages that should enable the company to manage through an uncertain environment and deliver same-store sales outperformance.