Wachovia downgrades Applebee's (APPB) to Underperform
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Wachovia downgrades Applebee's International Inc. (Nasdaq: APPB) from Market Perform to Underperform.
Commenting on Applebee's, the firm said, "there is greater potential for downside risk (with the stock trading so close to IHOP's proposed $25.50 per share acquisition price) in the event that the transaction does not go through."
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