Dine Brands price target lowered to $78 from $92 at Truist

Truist analyst Jake Bartlett lowered the firm’s price target on Dine Brands to $78 from $92 and keeps a Buy rating on the shares. The company’s Q2 SSS and adjusted EBITDA were a miss, with IHOP results “solid” but those of Applebee’s decelerating, suggesting continued negative comps over the near term, the analyst tells investors in a research note. Both brands have strong value propositions and are leaning into value, but are also over-indexed to lower income consumers, which are most apt to trade down in the menu, the firm adds.