KeyBanc Defends Green Mountain (GMCR) Amid Einhorn Attack; Reiterates Buy
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Price: $91.67 --0%
Rating Summary:
5 Buy, 15 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
5 Buy, 15 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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KeyBanc reiterates a 'Buy' on Green Mountain Coffee Roasters (NASDAQ: GMCR) price target of $120.00.
KeyBanc analyst says, "Although the short-thesis laid out yesterday comes from a very credible source and is extremely detailed and well argued, we believe that the overall premise of the argument is not new. Most of the issues that Mr. Einhorn raised (looming patent expirations, accounting restatements, SEC inquiry, selective disclosure and declining attachment rates) have always been concerns of ours, which is why we initiated coverage with a HOLD rating last December. However, our subsequent upgrade (on February 15, 2011) and current positive view is predicated on our belief that GMCR has positioned itself well (in part by signing multi-year agreements with Starbucks (Nasdaq: SBUX) and Dunkin (Nasdaq: DNKN)) to continue to lead the rapid growth of the U.S. single-serve coffee market and is in the early stages of penetrating the broader non-carbonated beverage market."
For more ratings news on Green Mountain Coffee Roasters click here and for the rating history of Green Mountain Coffee Roasters click here.
Shares of Green Mountain Coffee Roasters closed at $82.50 yesterday.
KeyBanc analyst says, "Although the short-thesis laid out yesterday comes from a very credible source and is extremely detailed and well argued, we believe that the overall premise of the argument is not new. Most of the issues that Mr. Einhorn raised (looming patent expirations, accounting restatements, SEC inquiry, selective disclosure and declining attachment rates) have always been concerns of ours, which is why we initiated coverage with a HOLD rating last December. However, our subsequent upgrade (on February 15, 2011) and current positive view is predicated on our belief that GMCR has positioned itself well (in part by signing multi-year agreements with Starbucks (Nasdaq: SBUX) and Dunkin (Nasdaq: DNKN)) to continue to lead the rapid growth of the U.S. single-serve coffee market and is in the early stages of penetrating the broader non-carbonated beverage market."
For more ratings news on Green Mountain Coffee Roasters click here and for the rating history of Green Mountain Coffee Roasters click here.
Shares of Green Mountain Coffee Roasters closed at $82.50 yesterday.
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