Dunkin' Brands  (DNKN) - Get Report got a double-shot upgrade from Credit Suisse analysts, citing the strength of the chain's business model, which relies on individual franchise owners.

Credit Suisse lifted its rating on the Canton, Mass., quick-service chain two notches, to outperform, from underperform, according to published reports.

The investment firm also boosted its price target on Dunkin' to $67 a share, which indicates 16% upside from the stock's Thursday closing price.

Shares of Dunkin' at last check dropped 3.3% to $56.04, in line with a broader market downturn as investors brace for a flood of rough quarterly earnings reports amid the coronavirus crisis.

Despite what it estimates was a 30% to 40% drop in sales over the past two weeks, Credit Suisse contends the chain's business model, in which all restaurants are owned by individual franchise owners, should help Dunkin' weather the coronavirus-driven economic downturn better than many of its peers.

In particular, the all-franchised business model means the risk of mass closures is limited. Dunkin' franchisees also are likely eligible to apply for small-business payroll- protection loans under the $2 trillion federal economic rescue package, according to Credit Suisse.

The crisis has forced Dunkin' franchise owners to rely more heavily on drive-through business, which has traditionally been a significant segment of sales.

Dunkin' is also now steadily expanding delivery service as well through a partnership with GrubHub.  (GRUB) - Get Report

The quick-service chain recently added 1,300 new restaurants to its agreement with GrubHub, which is expected to bring the total up to 4,000 by April 16.