Piper Jaffray Reports Above Consensus EPS for Green Mountain Coffee

Piper Jaffray reports above consensus EPS for Green Mountain Coffee (NASDAQ: GMCR).

In a note to clients, Piper Jaffray reports, "Green Mountain reported September quarter sales and EPS above Street consensus. FY11 Revenue guidance was better than expected at +45% to +53% Y/Y. Unfortunately, the mid point of FY11 EPS guidance was reduced from $1.27 to $1.24 - margins did not follow through. The company has decided to shift from providing K-cup guidance to providing quarterly & annual sales guidance - less disclosure has created uncertainty. We believe accounting restatements are now behind the company and risk from an SEC inquiry have been greatly reduced."

Piper Jaffray maintains its Neutral rating and $37 price target on GMCR.

GMCR closed yesterday at $37.42.