WR Hambrecht Lowers Peet's Coffee to 'Hold'

Analyst Kristine Koerber says her downgrade of the coffee chain is based on valuation

WR Hambrecht downgraded Peet's Coffee & Tea (PEET ) to hold from buy.

Analyst Kristine Koerber says her downgrade is based on valuation. She believes the shares are fairly valued at current levels, and she sees little upside to her earnings per share estimates to warrant a higher valuation. Koerber maintains her 60 cents 2003 and 78 cents 2004 earnings per share estimates.

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