Green Mountain Coffee (GMCR) News Removes Key Overhang, Buy the Shares - Janney Montgomery Scott

November 22, 2010 8:21 AM EST
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Price: $91.67 --0%

Rating Summary:
    5 Buy, 15 Hold, 3 Sell

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    Up: 0 | Down: 5 | New: 0
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Janney Montgomery Scott reiterated their Buy rating and raised their fair value estimates on Green Mountain Coffee (Nasdaq: GMCR) from $40 to $50 following the restatement of financial results on Friday.

The firm said, "We believe the results of GMCR's internal investigation should sufficiently remove the key near-term overhang on the stock and expect the stock to be up meaningfully on this news."

The firm notes that channel checks continue to be very positive and "fundamentals have never been better."

The firm also expects clarity on Starbucks' single cup plans during its December 1, 2010 investor day. In addition, the firm expects clarity from the Keurig patent infringement lawsuit vs. Sturm Foods.

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