UPDATE: Miller Tabak Upgrades Dunkin' Brands to Buy on Traffic Gains, Catalysts
Miller Tabak raised its rating on Dunkin' Brands (NASDAQ: DNKN) from Hold to Buy and raised its price target from $34 to $38.
Miller Tabak commented, "We upgrade shares of Dunkin' Brands (DNKN) to Buy and raise our fair value estimate to $38 (from $34) given what we think has been a solid 4Q12 and our outlook for a slightly improved sales environment in 2013. We continue to view year-over-year traffic gains and accelerated new unit growth plans at Dunkin' Donuts U.S. as key positives, and today we add a third positive—solid retail sales, particularly for singleserve K-Cups—as a catalyst for DNKN in the next couple of quarters."
Dunkin' Brands closed at $32.82 on Tuesday.
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