Dine Brands price target lowered to $26 from $30 at KeyBanc

KeyBanc lowered the firm’s price target on Dine Brands (DIN) to $26 from $30 and keeps an Overweight rating on the shares. The firm notes Dine Brands missed Q1 consensus for EPS/EBITDA largely due to losses associated with the recently acquired company-owned locations. However, Applebee’s same-store sales trends were largely in line with buyside expectations, and both brands saw improvement in March/April, even as the macro environment remains challenging.