Starbucks (SBUX) PT Raised to $89 at Jefferies

Jefferies analyst Andy Barish raised the price target on Starbucks (NASDAQ: SBUX) to $89.00 (from $76.00) while maintaining a Buy rating.

The analyst comments "Despite emergence of "Third Wave" coffee competitors, our thorough data-driven overlap analysis and various growth scenarios point to limited impact on SBUX SSS. SBUX's competitive advantages (size, scale and TECH!), and its shift to more suburban growth should support LT targets. We raise our FY19 US SSS slightly to 4% and see visibility to consistent 3-4% SSS & unit growth in the US on multiple drivers."

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