Jefferies Reiterates Hold on Dunkin' Brands (DNKN) Following 3Q
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Jefferies reiterated a Hold rating and $45.00 price target on Dunkin' Brands (NASDAQ: DNKN) following the company's 3Q earnings report. Adjusted operating margins at 55.4% beat the consensus of ~52.5% on a lower co-owned and gain on sale of co-owned stores. Also, Cold brew was very successful summer launch to drive strong iced beverage sales.
Analyst Andy Barish commented, "EPS beat cons/met our $0.60 est with sl better sss at 2% (in line with "whisper") and lower quality with gains and lower G&A (vs. cons). New unit returns in new markets remain sl disappointing for '15 class at 18-20% and development trending to low-end of range for '16 and possibly '17 as franchisees deal with "uncertainty" in marketplace. We maintain Hold and $45 PT as we assess brand rejuvenation strategies."
Shares of Dunkin' Brands closed at $49.38 yesterday.
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