Starbucks upgraded to Outperform from Neutral at Baird

Baird analyst David Tarantino upgraded Starbucks (SBUX) to Outperform from Neutral with a price target of $115, up from $100. The firm has high conviction that the turnaround strategies under new leadership will transform Starbucks into a better company. Visibility on the transformation will become increasingly clear over the next several quarters, the analyst tells investors in a research note. Baird believes the company’s better financial performance will boost investor sentiment and support elevated valuation metrics on the shares.