Jefferies Starts Peet's Coffee & Tea (PEET) at Buy

Jefferies initiates coverage on Peet's Coffee & Tea (NASDAQ: PEET) with a Buy. PT $68.00.

The firm comments, "We rate PEET Buy, as we believe ests & valuation do not reflect 3 key dynamics: 1) Peet’s biz model transformation is shifting into high gear, with its high-margin CPG biz now 60% of profits & growing; 2) Peet's is gaining mkt share in grocery & tangible drivers for ’12/13 are not being fully recognized; 3) Investments made/infrastructure in-place to support much bigger biz & drive higher growth/margins in coming years."

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 $59.38 yesterday.

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