KeyBanc Upgrades DineEquity (DIN) to Overweight
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KeyBanc upgraded DineEquity (NYSE: DIN) from Sector Weight to Overweight with a price target of $90. Analyst Chris O'Cull sees compelling risk-reward.
"In our opinion, DIN's current risk-reward proposition represents a good entry point, especially for investors seeking companies with strong free cash flows ($6.25/share, 8% yield) and an above-average dividend yield (4.7%). We believe the promotional adjustments made at Applebee's during 3Q have led to more moderating SRS declines; we believe weak SRS at Applebee's during 1H16 caused shares to pull back. Applebee's is working on several initiatives, including new value messages, bar improvements and off-premise opportunities, that we expect to reverse negative SRS trend by early 2017," said O'Cull.
Shares of DineEquity closed at $78.29 yesterday.
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