Wedbush analyst Nick Setyan notes Dine Brands priced $500M securitized financing facility at a slightly lower rate than expected. The net proceeds of the sale will be used to repay the existing Series 2019-1 Class A-2-I notes, which had a principal balance of $585M as of March 29. Now that the refinancing is in the rearview mirror, the firm "would be disappointed" if share repurchases did not accelerate with shares at current levels. Wedbush has an Outperform rating on the shares with a price target of $85, saying current valuation discounts an overly pessimistic view of its medium- to long-term fundamentals.
Published first on TheFly
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