Starbucks price target raised to $105 from $92 at Stifel

Stifel analyst Chris O’Cull raised the firm’s price target on Starbucks (SBUX) to $105 from $92 and keeps a Buy rating on the shares. With several reports indicating the company is in active talks with potential buyers of a stake in China, Stifel thinks management will provide an update on the company’s progress in identifying potential partners and its assessment of the core strategic challenges in the market, the analyst tells investors in a research note. While the firm remains focused on the U.S. turnaround, securing a strategic partner with a strong track record in China could be well received, as it should enhance Starbucks’ ability to gain share in a growing market, Stifel says.