Credit Suisse analyst Lauren Silberman double upgraded Dunkin' Brands (DNKN) to Outperform from Underperform with a price target of $67, down from $73.

Dunkin' has underperformed since the market selloff, down 23.5% year-to-date, and is now trading near valuation lows on fiscal 2021 "fresh" consensus estimates, Silberman tells investors in a research note. Further, the analyst views the company's "pure-play" 100% franchised business model as one of the most attractive in restaurants, warranting a premium to restaurant peers.

She also sees limited risk of mass closures given the health of its franchisee system and attractive category dynamics.