Raymond James Cuts Rating on Applebee's

Analyst Bryan Elliott believes the restaurant chain's recent marketing campaigns have failed to resonate with customers

Applebee's International (APPB ; $22.64) shares moved lower Wednesday after the restaurant operator said it sees third quarter earnings per share of 32 cents to 35 cents. Raymond James downgraded its investment recommendation on Applebee's to market perform from outperform on Wednesday, citing problems in the restaurant's sales.

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