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UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Removes PT on Dunkin Brands Group Following Management Meetings

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December 6, 2013 11:26 am
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In a report published Friday, Morgan Stanley analyst John Glass reiterated an Equal-Weight rating on Dunkin Brands Group (NASDAQ: DNKN), but removed the $48.00 price target.

In the report, Morgan Stanley noted, “There are few (donut) holes in the DNKN story as SSS momentum is fueled by a strong product pipeline, afternoon sales growth and loyalty (early in program but promising), and unit development is fueled by strong unit economics in new and core markets (’12 class had 25% ROI). However, aside from SSS momentum (which DNKN’s franchise model is not very sensitive to), we see limited upside to estimates as unit growth remains disciplined and lower rates are required for a leverage event.”

Dunkin Brands Group closed on Thursday at $48.45.

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