Starbucks price target raised to $117 from $114 at BofA

BofA analyst Sara Senatore raised the firm’s price target on Starbucks (SBUX) to $117 from $114 and keeps a Buy rating on the shares. After a Q2 earnings season that “seemed to hit the market like a bucket of cold water,” investor enthusiasm for restaurants is “decidedly absent,” says the analyst, who has also grown more cautious given the widening of macro pressures beyond the low-income cohort. For stocks trading at the low end of their historical valuation ranges, the firm expects the market to respond favorably to signs that earnings are intact, the analyst added in a group preview.