NEW YORK (TheStreet) -- RATINGS CHANGES
Dunkin' Brands (DNKN) - Get Report was downgraded to neutral by Goldman Sachs, which set a $55 price target, saying the current valuation leaves little margin for error, as Dunkin' now trades toward peak levels on an absolute basis and off of recent lows vs the S&P 500 highly franchised QSRs.
Maxim (MXIM) - Get Report was downgraded to hold from buy by Drexel Hamilton, which set a $35 price target. Estimates have also been cut, given a dwindling Android smartphone opportunity, Drexel Hamilton said.
Northern Tier Energy (NTI) was started at outperform by RBC Capital Markets, which set a $30 price target, saying that Northern Tier owns a highly advantaged refinery, with rare pipeline access to Bakken and Canadian crudes. Northern Tier's units are meaningfully undervalued as a result of its variable-rate master-limited-partnership structure and reliance on one refinery, but an acquisition may unlock value, RBC said.
Panera Bread (PNRA) was upgraded to neutral from sell by Goldman Sachs, which set a $172 price target. Goldman said it is incrementally more positive on the near-term comp outlook following analysis of Panera Bread's recently launched national advertising campaign.
Western Refining (WNR) was started at sector perform by RBC Capital Markets, which set a $48 price target, saying that the company has solid assets and excellent leverage to growing Permian Basin crude supplies. However, RBC sees Western Refining as caught between two opposing strategic directions: buy the remaining 62% of NTI or sell its refineries to NTI. Uncertainty could be an overhang in the medium term, RBC said.