UPDATE: Wedbush Downgrades Krispy Kreme Doughnuts to Neutral, Reiterates $16 PT on More Challenging Expectations

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In a report published Thursday, Wedbush analyst Nick Setyan downgraded the rating on Krispy Kreme Doughnuts (NYSE: KKD) from Outperform to Neutral, but reiterated the $16.00 price target.In the report, Setyan noted, “We believe the 100%-plus increase in KKD shares since mid-November (vs. +13.7% for the S&P 500) properly reflects acceleration in domestic company unit development, led by improved cash-on-cash returns and leading international unit growth. We believe current consensus FY14 expectations of mid-single-digit SSS growth and $0.58 in EPS no longer provide a low bar for management to overcome, and believe evidence of acceleration in domestic franchise unit growth is necessary for the next step up in valuation expansion. Therefore, we downgrade to NEUTRAL from OUTPERFORM.”Krispy Kreme Doughnuts closed on Wednesday at $14.43.

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