Piper Jaffray Downgrades Dunkin' Brands (DNKN) to Neutral
Get Alerts DNKN Hot Sheet
Rating Summary:
10 Buy, 31 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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Piper Jaffray downgraded Dunkin' Brands (NASDAQ: DNKN) from Overweight to Neutral with a price target of $42.00 (from $60.00).
Analyst Nicole Miller Regan commented, "Third-quarter operating earnings increased 6% y/y to $0.52 per share, the company reiterated its FY15 earnings guidance, and our estimates are modestly lower. While we believe results going forward are achievable, we struggle to see meaningful catalysts from a stock perspective. At 99% franchised, 5x leverage and +MSD% development DNKN shares are already afforded one of the highest valuations relative to its peer group. We are downgrading DNKN shares to Neutral from Overweight prior. Our $42 price target is based on 14x our FY16E EV/EBITDA estimates. Each 1x multiple turn = ~$5/share."
The firm trimmed FY 2015 EPS from $1.91 to $1.90 and FY 2016 EPS from $2.21 to $2.15.
For an analyst ratings summary and ratings history on Dunkin' Brands click here. For more ratings news on Dunkin' Brands click here.
Shares of Dunkin' Brands closed at $39.57 yesterday.
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