Dine Brands downgraded to Hold from Buy at Truist

Truist analyst Jake Bartlett downgraded Dine Brands to Hold from Buy with a price target of $37, down from $66. The firm says “potentially severe” Applebee’s same-store-sales underperformance versus peers, based on Truist’s card data, shakes it confidence that improving same-store-sales will be a near-term catalyst for the shares. The analyst had expected Applebee’s deep value focus and new NFL partnership to drive improving sales in Q3. Instead, the company’s sales decelerated even as industry trends improved, “highlighting Applebee’s difficult market position,” the analyst tells investors in a research note. Truist recommends stepping to the side until the path to positive same-store-sales becomes more clear.