Truist Securities analyst Jake Bartlett lowered the price target on Dine Brands (NYSE: DIN) to $118.00 (from $120.00) while maintaining a Buy rating.

The analyst commented, "Following solid 2Q21 results, we are lowering our ests. (higher G&A guidance) and our PT to $118, from $120, but still see strong upside to the shares. SSS at both brands accelerated in 2Q21, and while DIN did not give current trends, competitors have reported accelerating SSS in July. Applebee's has sustained higher avg. check and we expect IHOP trends to accelerate as late-night hours return. We continue to expect return of cash to shareholders in 4Q21, and DIN expects net unit growth in '22 at IHOP and '23 at Applebee's, which should drive multiple expansion."