KeyBanc Downgrades DineEquity (DIN) to Sector Weight
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KeyBanc downgraded DineEquity (NYSE: DIN) from Overweight to Sector Weight and removed its price target. Analyst Chris O'Cull has less confidence in Applebee's efforts to improve SRS performance.
"When we upgraded DIN in early September it was based on our view the risk-reward proposition was attractive given the Company's above-average free cash flow and dividend yield and the potential for Applebee's SRS declines to moderate as management addressed some promotional mistakes during the 2Q. Since then, shares have increased 9% vs. no change in the KBCM Restaurant Index, and our confidence in Applebee's efforts to improve SRS is waning," said the analyst.
Shares of DineEquity closed at $84.71 yesterday.
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