UPDATE: Piper Jaffray Initiates Coverage on Dunkin' Brands

According to a research report published Thursday, Piper Jaffray has initiated Dunkin' Brands

with an Overweight rating and $39 PT. In the report, Piper Jaffray said, "For FY12, we are projecting total revenues of $672.7 million assuming 714 new restaurants and blended same-store sales of +4.5%, with operating margins growing ~270 bps to 45.8% of sales. For FY13, we are projecting total revenues of $719.3 million assuming 734 new restaurant and blended same-store sales of +4.5%, with operating margins increasing 140 bps to 47.2% of sales." Dunkin' Brands closed Wednesday at $33.88.