Dine Brands (DIN) PT Lowered to $112 at Truist Securities

Truist Securities analyst Jake Bartlett lowered the price target on Dine Brands (NYSE: DIN) to $112.00 (from $118.00) while maintaining a Buy rating.

The analyst commented, "Following 4Q21 results (SSS roughly inline and EBITDA beat), and weaker than expected guidance, we are lowering our ests. and PT to $112, from $118. While Omicron had a clear impact on trends for both brands, we expect SSS to recover sharply, given improved staffing, continued market share gains as both brands price below the industry (~4% vs. FSR CPI of +7.1%), and significant drivers ahead (loyalty and virtual offerings). G&A is expected to increase sharply in '22 as DIN invests in tech and unit growth, but we expect leverage in '23 and beyond. Unit growth set to accelerate at IHOP in '22."

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