UPDATE: Jefferies Raises PT on Caribou Coffee to $17

Jefferies is out with its report today on Caribou Coffee CBOU, raising its PT from $14 to $17. In its report, Jefferies writes, "2Q EPS (taxed) of $0.13 vs. our $0.08/cons $0.09, as strong growth in CPG biz (+94%) & 4.6% SSS at coffeehouses drove upside. Stock likely up on 2Q beat & higher '11 guide. With a quality product & rapidly growing CPG biz, we believe CBOU can drive 25% EPS growth over time & see valuation expansion with broader ownership & awareness. Our 11/12 EPS raised to $0.40/0.50 (from $0.37/0.46). PT to $17 (from $14)." Jefferies maintains Buy on CBOU. At the time of posting, shares of CBOU were trading pre-market at $14.90, down 1.65% from Wednesday's close.