Jefferies Downgrades Peet's Coffee & Tea (PEET) to Hold; Acquired by Joh. A. Benckiser
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Price: $73.46 --0%
Rating Summary:
1 Buy, 8 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 9 | Down: 12 | New: 13
Rating Summary:
1 Buy, 8 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 9 | Down: 12 | New: 13
Trade PEET Now!
Jefferies downgraded Peet's Coffee & Tea (NASDAQ: PEET) from Buy to Hold with a price target of $73.50 (from $88.00).
Analyst, Alexander Slagle, said, "PEET announced that it entered into an agreement to be acquired by Joh. A. Benckiser in cash for $73.50/ sh. or ~$1B (29% prem to 7/20 pr.) & is expected to close in ~3 mo. While this announcement comes as a surprise, JAB appears to be good strategic match & we believe a competing bid is unlikely. Valuation represents ~13.5x '13 EBITDA or 30x EPS, which reflects its strong growth opportunity & premium brand positioning."
For an analyst ratings summary and ratings history on Peet's Coffee & Tea click here. For more ratings news on Peet's Coffee & Tea click here.
Shares of Peet's Coffee & Tea closed at $73.05 yesterday, with a 52 week range of $51.16-$77.60.
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Analyst, Alexander Slagle, said, "PEET announced that it entered into an agreement to be acquired by Joh. A. Benckiser in cash for $73.50/ sh. or ~$1B (29% prem to 7/20 pr.) & is expected to close in ~3 mo. While this announcement comes as a surprise, JAB appears to be good strategic match & we believe a competing bid is unlikely. Valuation represents ~13.5x '13 EBITDA or 30x EPS, which reflects its strong growth opportunity & premium brand positioning."
For an analyst ratings summary and ratings history on Peet's Coffee & Tea click here. For more ratings news on Peet's Coffee & Tea click here.
Shares of Peet's Coffee & Tea closed at $73.05 yesterday, with a 52 week range of $51.16-$77.60.
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