Janney Montgomery Scott Upgrades Peet's Coffee & Tea (PEET) to Buy On Possible Keurig (GMCR) Deal

Janney Montgomery Scott upgraded Peet's Coffee & Tea (NASDAQ: PEET) from Neutral to Buy, with a $57 fair value target.

The firm cited their view that PEET is likely to join the Keurig (Nasdaq: GMCR) platform and an announcement could come as soon as March 6, 2011, opening day of this year's International Housewares Show in Chicago.

"PEET remains a logical choice for Keurig, as PEET's brand strength on the west coast (13% grocery share vs. Green Mountain's 2% share) could drive meaningful adoption of Keurig brewers - the geography where Keurig's penetration is the weakest."

For more ratings news on Peet's Coffee & Tea click here and for the rating history of Peet's Coffee & Tea click here.

Shares of Peet's Coffee & Tea closed at $42.87 yesterday.

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