Piper Jaffray Neutral On Peet's Coffee & Tea

Piper Jaffray is out with a research report on Peet's Coffee & Tea (NASDAQ: PEET) and it has a Neutral rating and a $57 price target on shares.

In a note to clients, Piper Jaffray writes, "Double-digit growth opportunities within the fast-growing single serve coffee market leave us encouraged about the future of the coffee beverage space in general. In particular, we believe the recent K-Cup collaboration between Green Mountain and other traditional coffee retailers is a net positive event for the entire coffee space as it raises awareness among consumers and helps create incremental customers through continued product innovation. We note that Peet's Coffee & Tea does not currently participate in the single serve category, however we also credit the brand's unique direct-store-delivery model and strong brand equity as a brand differentiators in the eyes of consumers."

Shares of PEET closed at $56.54 yesterday.