By Jim Woods, InvestorPlace.com

I'm an admitted coffee fiend, so when I see medical reports that tell me drinking coffee is actually good for my health; well, you know I am going to let the world know. Case in point is the findings of researchers from Harvard Medical School suggesting that drinking coffee may significantly reduce the risk of prostate cancer.

Now, assuming I'm not the only one out there pleased about the latest medical green light to keep downing a lot of java, I think it's safe to speculate that coffee stocks may get a healthy bump from the Harvard study.

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The study found that the heaviest coffee consumers had a 60% lower risk of developing aggressive prostate tumors than men who did not drink any coffee.

Admittedly, researchers said they weren't sure which components of coffee might have a positive effect on blunting the tumors. However, coffee is already known to contain a slew of biologically active compounds, such as minerals and antioxidants, known to limit tissue damage caused by cellular function.

The Harvard researchers stressed that more study is required before any precise, causal conclusion can be drawn about the overall cancer-combating effects of coffee. But as one researcher said of the report, "Our results do suggest there is no reason to stop drinking coffee out of any concern about prostate cancer."

Not that I needed a reason to keep drinking coffee, but now that I know my prostate could actually be healthier because of my heavy consumption, you know I am going to keep drinking a second, third and maybe even a fourth morning cup.

My three favorite coffee companies are the 800-lb. bean in the space, Starbucks (SBUX), up-and-coming Starbucks rival Peet's Coffee & Tea (PEET) and Green Mountain Coffee Roasters (GMCR), makers of the popular Keurig K-Cup gourmet brewing system.

These three coffee stocks don’t really need the prostate health study to keep investors smiling, but I say the more reasons to buy more coffee, the better it is for these three coffee merchants' bottom lines. And the more robust the bottom lines, the bigger the caffeine rush in the stocks.

At the time of this writing, Jim Woods did not own shares of SBUX, PEET or GMCR in personal or client portfolios.

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