- KeyBanc analyst Eric Gonzalez reiterated an Overweight rating on the shares of Dine Brands Global, Inc. (NASDAQ:DIN) and lowered the price target from $83 to $78.
- The analyst cut the price target to reflect slowing same-store sales trends in March.
- Input cost inflation and competition in the industry are also likely to be growth deterrents for the company, KeyBanc noted.
- The analyst models 1Q23 SSS growth of 7%, just ahead of the consensus of 6.7%.
- But the company’s SSS growth estimates for Applebees and IHOP in 1Q23 will likely benefit from easy comparisons in January/ February.
- Dine Brands’s placer foot traffic data is expected to remain well below the pre-pandemic ranges. The analyst expects the company’s IHOP unit, which represents 60% of the profit, to face challenges in staffing its 24-hr units.
- The analyst also accounted for Dine Brands’ recent securitization transaction, which prices at the end of 1Q23.
- Price Action: DIN shares are trading lower by 2.89% at $65.87 on the last check Monday.
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