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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’ Q2 results were highlighted by above-consensus same-store sales growth at Applebee’s. However, IHOP same-store-sales declined more than expected, and the company lowered its full-year EBITDA range by $15M due to G&A expenses, remodel costs, and expenses/losses associated with recently acquired units.

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