Wells Fargo raised the firm’s price target on Starbucks (SBUX) to $105 from $100 and keeps an Overweight rating on the shares. The firm notes the stock is up 14% year-to-date, Q1/quarter-to-date comparable sales are likely strong and sentiment is improving with a higher price to earnings warranted for an under-earning business. But into EPS/Analyst Day, near-term optimism seems priced in and some digestion could be on tap, Wells adds.
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