BofA Sees Promise In Green Mountain's Upcoming 'Keurig Cold' Product; GMCR Up 3%
Shares of Green Mountain (NASDAQ: GMCR) are trading over the $71 level Friday afternoon, up nearly 3 percent to around $71.34 at last check. Traders in the name are attributing upside to an earlier research note from BofA Merrill analyst's led by Bryan Spillane.
The BofA Merrill analyst considered the upcoming launch of the "Keurig Cold" and suggested the product "could shake up soft drinks." While it will be quite some time before Cold hits shelves (Green Mountain previously issued a preliminary plan for introducing the product in FY15), Spillane believes if Green Mountain "can deliver quality, convenience and a variety of brands and beverages, single-serve products could help expand consumption and price per serving."
"Given the softness in the US soft drink industry, this could cause KO, PEP or DPS to be more open to look at this “channel” either as a partner or competitor," according to Spillane.
BofA Merrill maintains a Neutral rating and $75 price objective on shares of Green Mountain.
Also affecting the stock Friday, Williams Capital's Marc Riddick boosted his price target from $98 to $106 while maintaining an Outperform rating.
Latest Ratings for GMCR
|Nov 2015||OTR Global||Downgrades||Mixed||Negative|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.