As previously reported, MKM Partners analyst Brett Levy initiated Dine Brands with a Buy rating and a price target of $90. The analyst sees the stock as a franchised model pure play, stating that its dual-branded IHOP and Applebee's portfolio has been responding to the customers' preferences with their offerings. Levy further notes that Dine Brands has worked hard to position for the next phase of its "evolution", and sales have been tracking well with positive comps at both brands since late 2017. Following the recent pullback, the analyst notes that the stock offers a favorable risk-reward.