Longbow's U.S. Dunkin' Brands checks indicate comps are up in a $1.75%-2.25% range year-over-year to date, versus its 2.2% estimate and consensus of 2.7%. The firm said cash-on-cash returns in California are expected to reach mid-teen levels for the first 1-2 years after opening, at best, which is not sufficient for franchisees to build aggressively. Longbow believes shares could see significant downward pressure when investors recognize issues related to the company's planned California launch and reiterates its Underperform rating and $34 price target.