Newspaper article THE JOURNAL RECORD

Peet's IPO Has Long-Term Potential despite Tepid Opening

Newspaper article THE JOURNAL RECORD

Peet's IPO Has Long-Term Potential despite Tepid Opening

Article excerpt

NEW YORK -- Look on the bright side: Peet's Coffee & Tea isn't another optical networking company, or worse, a comatose "dot-com." In the current market, investors are likely to show renewed interest in consumer stocks.

But Peet's planned initial public offering won't be a runaway hit. The company competes in a market dominated by Starbucks, the sector icon, and fragmented by lesser-known or innumerable independent purveyors of pricey java.

Worse, Peet's is late to market and there are several proven companies that would add kick to any portfolio. Green Mountain Coffee is the up-and-comer and recently rewarded investors with a stock split. Investors may ask: Over the long haul, who needs Peet's?

Peet's Coffee & Tea is a specialty coffee roaster and marketer of branded, fresh roasted whole bean coffee sold through 58 company- owned stores in four states, specialty food stores, online and mail order as well as office and restaurant accounts.

Crowded market aside, the premise of companies like Peet's Coffee & Tea may be eroding. …

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