TD Cowen keeps a Hold rating on Starbucks (SBUX) after CNBC reported that bids for Starbucks China have valued it at up to $10B. Based on TD’s analysis, a valuation range of $2.6B-$4.7B is “more realistic” for the unit. The firm also expects the priority for after-tax proceeds from a potential sale to be deleverage, rather than share buybacks.
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