TD Cowen upgraded Starbucks (SBUX) to Buy from Hold with a price target of $120, up from $106. The firm says the company has “numerous tangible drivers” to drive positive sales revisions in a “strong category backdrop.” Starbucks is prioritizing labor investments and its margins will recover, the analyst tells investors in a research note. After meeting with management, TD is confident the company can deliver sales and earnings upside to justify its above-consensus fiscal 2028 estimates.
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