UPDATE: Piper Jaffray Downgrades GMCR, Lowers PT
Piper Jaffray downgraded Green Mountain Coffee Roasters (NASDAQ: GMCR) from Overweight to Neutral and lowered its price target from $65 to $40 in a research report published today.
In the report, Piper Jaffray stated, "We remain confident in the ongoing consumer transition to and adoption of single-serve coffee, and while we recognize Green Mountain's prior successes we believe it is prudent to revisit our long-term expectations. In light of what appears to be a sooner-than-expected flat-lining of the company's sales growth trajectory, in particular as it pertains to sales of its current brewer ecosystem and house K-Cup brands, we are taking this opportunity to revise our long-term model. We are also lowering our rating to Neutral and price target to $40 on GMCR shares."
Shares of Green Mountain Coffee Roasters are down 40.02% in pre-market trading, currently trading at $29.70.
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