UPDATE: JP Morgan Downgrades Dunkin' Brands to Neutral on Fair Valuation

JP Morgan reduced its rating on Dunkin' Brands

from Overweight to Neutral while reiterating its price target at $33 a share. JP Morgan noted, "Reflective of extremely strong outperformance, we are downgrading Dunkin' Brands to Neutral. The stock is up ~90% since the pricing of its IPO in July 2011, up ~45% YTD, and is just 4% off its recent high, in contrast to peers MCD, CMG, DPZ, YUM and SBUX, which are down 10-15% from their 52-week highs." Dunkin' Brands closed at $35.39 on Monday.