Starbucks, the Consumer Cyclical sector company, was revisited by a Wall Street analyst today. Analyst Brian Harbour from Morgan Stanley maintained a Buy rating on the stock and has a $105.00 price target.
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Brian Harbour has given his Buy rating due to a combination of factors that highlight Starbucks’ strategic initiatives and growth potential. The company is focusing on revitalizing the in-store experience, which CEO Brian Niccol emphasizes as a unique aspect of the Starbucks brand. This approach aims to re-establish Starbucks as a ‘third place’ for customers, enhancing its brand differentiation and appeal.
Additionally, Starbucks is leveraging its innovation pipeline, with a strong lineup of holiday beverages and merchandise expected to drive sales. The company is also enhancing its app and rewards program, which are anticipated to boost customer engagement and traffic. Long-term strategies include improving supply chain efficiencies and expanding store growth, which are expected to contribute to a positive financial outlook for the company.
In another report released on November 4, BMO Capital also maintained a Buy rating on the stock with a $115.00 price target.