KeyBanc Capital Markets Initiates Peet's Coffee & Tea: Buy, $80 PT

KeyBanc Capital Markets initiated Peet's Coffee & Tea (NASDAQ: PEET) coverage with a Buy rating and $80 price target in a research report published today.

In the report, KeyBanc Capital Markets states, "We consider PEET a very well-run company with an attractive return and growth profile: the Company's sales and EPS have grown by CAGRs of approximately 10% and 27%, respectively, following a shift in the Company's strategy to focus on growing its consumer packaged coffee and tea business in FY07; additionally, it has no debt, and its ROIC is in the mid-teens (approximately 15%) based on our calculation."

Shares of Peet's Coffee & Tea closed today at $68.82, up 1.57% from Monday's market close.