Starbucks price target raised to $115 from $105 at BTIG

BTIG raised the firm’s price target on Starbucks (SBUX) to $115 from $105 and keeps a Buy rating on the shares. The company posted a very strong quarter last night, with positive mid-single digit traffic across dayparts, income cohorts and rewards members, giving the management confidence to raise same-store sales guidance, the analyst tells investors in a research note. BTIG adds however that while earnings were much better than expected, the upside was driven by International operating margins, as North America operating margin was still below its forecast, despite the impressive revenue gains.