Goldman Raises PT, Maintains Conviction Buy on Starbucks (SBUX)

June 13, 2013 10:49 AM EDT
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Price: $57.66 -0.4%

Rating Summary:
    28 Buy, 8 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Goldman Sachs today maintained a Conviction Buy on Starbucks (NASDAQ: SBUX) and boosted its price target to $75.00 (from $72.00). Analyst Michael Kelter shares management's enthusiasm about the launch of Starbucks' new food program.

"Management's excitement about the early success of the new food program was palpable. Sales in the stores that have rolled it out appear to be up measurably already, and much of the program (including an upcoming hot lunch platform) has yet to launch. Consensus is modeling for US SSS to moderate down to 4% in out-years, but with this food program and an accommodative macro backdrop, we see upside," said Kelter.

For an analyst ratings summary and ratings history on Starbucks (NASDAQ: SBUX) click here. For more ratings news on Starbucks click here.

Shares of Starbucks closed at $64.45 yesterday.

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