UPDATE: Piper Jaffray Initiates Coverage on Caribou Coffee

According to a research report published Thursday, Piper Jaffray initiated Caribou Coffee

with a Neutral rating and $14 PT. In the report, Piper Jaffray commented, "We maintain a positive bias on CBOU shares given the company's multi-channel, portfolio approach that we believe provides compelling long-term opportunities around retail, franchise and commercial business segments. However, this positive bias is offset near term by our belief that reinvestment at the retail level and pressured sales dollars at the commercial segment as well as channel shifts could limit upside to our estimates." Caribou Coffee closed Wednesday at $13.22.