UPDATE: Bank of America Lowers Green Mountain Coffee Roasters' PT

According to a research report published this morning, Bank of America has lowered Green Mountain Coffee Roasters' GMCR PT from $63 to $51. Bank of America commented in the report, "We include ~$0.05 of amortization excluded by management; guidance for the quarter inc. amort was $0.55-$0.60. Downside drivers were: 1) $70mn of sales miss due primarily to lower than expected K-cup units (+47% y/y vs. our forecasted +65% y/y) while brewer shipments were roughly in line; 2) Gross margins were 50bps below our forecasts. FY12 EPS guidance was reduced by 15c from $2.55-$2.65 to $2.40-$2.50 (ex. amort) incorporating top line growth of 45-50% (vs. previous 60-65%). Capex guidance was reduced to $525-$575mn vs. previous ~665mn with the biggest reduction coming from packaging capabilities related to K-cups ($60mn reduction relative to previous expectations)." Bank of America maintains its Neutral rating on GMCR, which closed yesterday at $49.52.