As previously reported, Raymond James analyst Brian Vaccaro downgraded Dine Brands to Outperform from Strong Buy following Applebee's comps in Q2 that he called "disappointing." While management is optimistic that re-emphasizing value combined with higher advertising can support comps in the second half, he is a bit more cautious given difficult Q3 comparisons and historical seasonality, Vaccaro tells investors. However, comp trends at IHOP are still "solidly positive" and he still views Dine Brands shares as undervalued, added the analyst, who lowered his price target on the stock to $105 from $125.