UPDATE: Goldman Sachs Reiterates Neutral Rating, Raises PT on DineEquity
In a report published Friday, Goldman Sachs Group reiterated its Neutral rating on DineEquity (NYSE: DIN), and raised its price target from $58.00 to $66.00.
Goldman Sachs noted, “Marcato Capital Management filed a 13-D indicating a 5.5% active stake in DIN shares. It presented its views on capital allocation to the company; to which DIN management formally responded. We have reevaluated our own views on the topic, and now expect DIN to transition from debt pay-down to a 50/50 mix of dividends/buybacks as a base case. We raise our 12-month price target as a result, but this is still below the current share price. Remain Neutral.”
DineEquity closed on Thursday at $69.68.
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