Shares of Green Mountain Coffee Roasters Inc. climbed Thursday after an analyst raised her price target on the coffee producer's long-term growth prospects.
Earlier this month the Waterbury, Vt.-based coffee maker reported on the success of its Keurig brand. About 193,000 Keurig brewers were shipped during the second quarter, more than double the 84,000 shipped in the year-ago quarter. Shipments of its K-Cup single-serve packs rose 68 percent to 155 million during the period.
Nicole Miller Regan of Piper Jaffray said in a client note that the company's brewer installed base is expected to more than double to 998,000 on an annual basis. Green Mountain also has the chance to expand further into the grocery market, as its quarterly penetration rate continues to grow, she added.
The analyst boosted her price target to $48 from $46 and kept a "Buy" rating.
Green Mountain's stock added $2.74, or 7.3 percent, to $40.21. The stock has traded in a 52-week range of $22.17 to $42.96.
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