Starbucks upgraded to Hold from Underperform at Jefferies

Jefferies upgraded Starbucks (SBUX) to Hold from Underperform with a price target of $92, up from $86. The firm cites the company’s less international exposure now that China is franchised and a stabilizing U.S. business for the upgrade. Visibility into Starbucks executing its turnaround is now improved, the analyst tells investors in a research note. Jefferies adds, however, that Starbucks continues to trade at a “large premium valuation,” which is “unwarranted.”