UPDATE: Morgan Keegan Upgrades DineEquity to Outperform

Morgan Keegan is out with its report today on DineEquity (NYSE: DIN), upgrading DIN to Outperform.

In its report, Morgan Keegan writes, "Given yesterday's 18+% sell off on largely in line Q2 results combined with our comfort in our $55 PT assuming 9x 2012 EV/EBITDA, we believe the current risk/reward appears attractive and upgrade our rating to Outperform."

Shares of DIN closed Tuesday at $43.71.