Freedom Broker initiated coverage of Dine Brands Global Inc. (NYSE: DIN) with a Hold rating and a $38 price target, according to a Monday note. The brokerage joins Piper Sandler and Benchmark in assigning a Hold rating to the casual dining operator, which owns Applebee’s and IHOP.
Piper Sandler raised its price target on Dine Brands to $37 from $28 while maintaining a Neutral rating, while Benchmark’s Todd Brooks reiterated his Hold rating. Dine Brands last traded at $35.88, up 66.5% over the past year and 18.4% over the last six months.
The company reported revenue of $240.9 million in the second quarter of 2026, exceeding consensus estimates of $237.3 million. Adjusted diluted earnings per share came in at $1.16, below the $1.27 forecast. Same-store sales at Applebee’s declined 1.8%, an improvement over the expected 2.2% drop, while IHOP’s same-store sales rose 1.5%, surpassing the 0.5% estimate.
Dine Brands operates roughly 3,500 franchised and company-owned restaurants in the U.S. and select international markets. Management’s strategy focuses on accelerating growth through brand innovation, expanding dual-branded formats, and evaluating acquisitions of complementary concepts. Revenue growth has been driven by restaurant take-backs and acquisitions rather than broad organic expansion.
The company reaffirmed its fiscal 2026 adjusted EBITDA guidance. Over the past five quarters, Dine Brands has reported year-over-year revenue growth.
