Adams Harkness downgraded Peet's Coffee (PEET ) to market perform from buy.
Analyst Scott Van Winkle says his downgrade is based on valuation. He says Peet blew through his $16.50 price target several weeks ago on the heels of new account wins, good business and stock momentum. He notes while he expected the stock might pull back, it hasn't. He maintains his $0.37 2002 earnings per share estimate, and $0.58 for 2003. Van Winkle also raised his $16.50 target to $19, which does not leave considerable upside.