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Fly News Breaks for December 10, 2019
DIN
Dec 10, 2019 | 07:24 EDT
SunTrust analyst Jake Bartlett initiated coverage of Dine Brands with a Buy rating and $111 price target. The analyst believes that investors are "dramatically undervaluing" the strength of the company Applebee's and IHOP chains, adding that the former offers the advantages of scale and appeal to a young demographic that outweigh any caution related to the concept's "sales debacle" in 2015-17. Bartlett adds that his Dine Brands price target assumes an enterprise value to expected EBITDA multiple of 12-times, which is still a "sharp discount" relative to the company's "asset-light peers".
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