UPDATE: Piper Jaffray Raising Price Target On Peet's Coffee & Tea

Piper Jaffray is out with a research report on Peet's Coffee & Tea

after it reported earnings and it is raising its price target to $57 from $46, and it has a Neutral rating after it reported earnings. In a note to clients, Piper Jaffray writes, "Peet's delivered operating EPS of $0.38 in 2Q11, ahead of our $0.33 estimate and the street at $0.32. We are also encouraged to see top-line results of $90.6 million come in ahead of our $89.1 million driven by strong retail store and grocery channel revenues. The company's product R&D and recent entrance into the medium-roast segment of specialty coffee market are a positive for the company's grocery channel business, in our opinion, however we look for more visibility into opportunities within the specialty segment before becoming more constructive. We are maintaining our Neutral rating and updating our price target to $57 on PEET shares." Shares of PEET gained 90 cents yesterday to close at $60.14.