Janney Montgomery Scott Reiterates a 'Buy' on Green Mountain Coffee Roasters (GMCR); Raises Near-Term Estimates & Price Target
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Janney Montgomery Scott reiterates a 'Buy' on Green Mountain Coffee Roasters (Nasdaq: GMCR).
Janney analyst says, "We are raising our fair value target price to $68 from $53 as the stock has outrun our prior fair value target; we have also made some tweaks in the out years of our model (operating exp). On a separate note, we also lowered our 2H09 brewer estimate by 150,000 per quarter to reflect what we believe is a slower ramp-up for Keurig at the Wal-Mart stores. The lower brewer count does not affect our FY09 EPS estimates, as we delay K-Cup usage from new brewers by two quarters. We continue to believe GMCR can earn near $5.00/sh in FY12 and at this earnings level, we believe a $100/sh target in 2+ years is attainable; our BUY rating is largely predicated on this target and time frame."
"In the near-term, as a result of our adjustments (as well as rounding), our 3Q09 operating EPS estimate goes to $0.28/sh from $0.27, 4Q09 goes to $0.29/sh from $0.27, FY09 is now $1.00/sh (from $0.98), and FY10 is now $1.53/sh (from $1.54)."
To see more analyst ratings on GMCR Click Here.
Green Mountain Coffee Roasters, Inc. operates in specialty coffee industry in the United States and internationally.
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