There's still some skepticism about the independence of research analysts at sell-side firms. So it is striking when analysts at a bank that underwrites an IPO come out with a sell recommendation soon after the deal prices.

That's exactly what Goldman Sachs' analysts did as soon as they were able to issue public commentary on Dunkin' Brands. The analysis was hardly scathing. The sell rating was based mainly on valuation. Goldman Sachs analyst Michael Kelter suggested to clients that "the stock was due for a 15 percent drop over the next 12 months as its long-term earnings growth is more likely in-line with a mature company such as McDonald's and Yum! Brands,"  according to CNBC.

The stock had soared to roughly 65 percent above the initial $16-$18 price range. Other analysts at banks that also served as underwriters were more positive. JP Morgan Chase, by contrast, initiated coverage with an overweight, while Morgan Stanley and Bank of America Merrill Lynch came out with hold recommendations.

As the IPO market heated up, and as analysts, especially Internet stock analysts, became stars once again, people have been wondering how independent they will be this time around. Given the state of the IPO market, we not get an answer for some time now. I would be surprised if sell-side analysts working for banks that underwrote offerings end up being anything other than bullish. But there will be some exceptions.

For more:
- here's the CNBC article

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