BMO Capital analyst Andrew Strelzik raised the firm’s price target on Starbucks (SBUX) to $115 from $100 and keeps an Outperform rating on the shares. The company’s Q3 earnings missed estimates amid one-time investments and discrete tax items, lower equity income, and slightly softer comps, but signs of turnaround progress continue to build, including U.S. comp transactions improving for a third consecutive quarter and momentum continuing into July, the analyst tells investors in a research note. BMO remains optimistic about EPS potential resulting from turnaround efforts in coming years.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SBUX:
- Starbucks’ Turnaround and Growth Potential: A Buy Rating Amid Strategic Investments and Innovation
- Starbucks price target raised to $103 from $95 at Morgan Stanley
- Starbucks price target raised to $105 from $100 at JPMorgan
- Starbucks price target raised to $100 from $95 at UBS
- Starbucks price target lowered to $99 from $100 at Citi