Shares of DineEquity Inc., owner of the Ihop and Applebee’s restaurant chains, briefly gained as much as 13 percent on Monday after an analyst applauded the company’s plan to reduce post-merger debt.

Glendale-based DineEquity changed its name from Ihop Corp. last week after its $2.1 billion acquisition of Applebee’s International Inc. last November.

“If debt reduction does occur along the lines of management’s plan, free cash flow would rise sharply,” said Raymond James & Associates analyst Bryan Elliott in a note to investors.

Noting that success could send shares to a range between $100 and $150 over the next three to five years, Elliott boosted his rating to “outperform” from “market perform,” and has a 12-month price target of $50. But he warned that the company is highly leveraged, and could breach its debt covenants if its repayment plan lags.

DineEquity shares were up $1.28, or 3 percent, to $43.72 at midday on the New York Stock Exchange. Earlier the shares reached $47.77 for the biggest intraday increase since Feb. 27. The company’s stock has gained 16 percent so far this year.