Wells Fargo raised the firm’s price target on Starbucks (SBUX) to $115 from $110 and keeps an Overweight rating on the shares. The firm expects Starbucks to trade higher as 7% North America comparable sales exceeded the bar, momentum continued in April and EPS beat/raised as initiatives bear fruit. China adds noise and NA margins a work in progress, but this turnaround is working and Wells sees more upside ahead.
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