UPDATE: Piper Jaffray Maintains Overweight, Lowers PT to $52 on Green Mountain Coffee

Piper Jaffray reiterates its Overweight on Green Mountain Coffee (NASDAQ: GMCR) and lowers its price target from $117 to $52 as it resets expectations to reflect single-serve theme.

Piper Jaffray notes, "With what seemed to be greater-than-average share price volatility of late, we believe investors are in the process of resetting expectations for GMCR shares. While we remain confident in the broader theme of growing single-serve coffee consumption among consumers (and the key role of the Keurig platform within this theme), we believe investors may be setting up for a "reset" period whereby expectations can be realigned and more appropriately matched with trends in the company's core business and current market environment."

GMCR closed at $45.97 per share on Monday.