As previously reported, Credit Suisse analyst Jerome Vinerier initiated Dunkin' Brands with an Underperform and $70 price target. The analyst notes that the stock trades near peak valuation despite ongoing traffic and same-store sales challenges and lowered development targets. While Vinerier believes Dunkin' Brands' 100% franchised business model warrants a premium to overall restaurants, its multiple has moved in-line with heavily franchised peers despite higher peer multiples driven by business model transformations. He sees downside risk to shares against lower growth prospects and elevated valuation.