UPDATE: Wedbush Securities Initiates Dunkin' Brands Group at Neutral on Valuation

Wedbush Securities initiated coverage on Dunkin' Brands Group

with a Neutral rating and a $31 price target. Wedbush Securities noted, "We believe Dunkin's current valuation properly reflects its large domestic and international growth opportunities, as well as the advantages of its franchised model. We also see some risk from muted near-term SSS growth. … With brand awareness established by national advertising and successful grocery distribution ahead of unit growth, we expect newly implemented flat national supply chain pricing to drive improved West and Emerging market ROIs and acceleration in U.S. unit development." Dunkin' Brands Group closed at $31.54 on Monday.