Evercore ISI analyst Matt McGinley said Dunkin' Brands recently filed Franchise Disclosure Document shows continued issues with economics on units opened outside of its best regions. The analyst said units in its best markets, the Northeast and Mid-Atlantic, are posting higher Average Unit Volumes year-over-year and slightly higher margin on food deflation, while the Southeast, South West, and West continue to have Average Unit Volumes declines and margins. McGinley continues to be concerned about competition from premium coffee shops, middle QSR chains, low-end convenience stores and gas stations and reiterates his Underperform rating and $49 price target.