William Blair upgraded Starbucks (SBUX) to Outperform from Market Perform. The firm expects Starbucks to post its first domestic comp gain in two years in the December quarter, which should set the brand up well for a return to positive full-year comp gains in FY26, the analyst tells investors in a research note. Assuming about 3% global unit expansion alongside a low-single-digit comp, the firm sees a path to consolidated operating margin recovering within spitting distance of 2023 levels by 2030, implying a 15% to 20% EPS CAGR over the next five years, William Blair added.
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