Buy the donuts, but pass on Krispy Kreme (KKD +0.8%), writes Dimitra Defotis in Barron's. After more than tripling in the past year, the stock trades at 32x earnings and this morning announced a $50M buyback plan (vs. $20B completed in 2012), but perhaps the cash might be better put to work growing the business as this multiple leaves little room for error.
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