Starbucks (SBUX) PT Raised to $100 at Citi

Citi analyst Jon Tower raised the price target on Starbucks (NASDAQ: SBUX) to $100.00 (from $95.00) while maintaining a Neutral rating.

The analyst comments "We think SBUX is set up for an in-line or slight beat on US SSS, but more importantly, we expect management to speak positively about SSS at the early “Green Apron” stores. With the rollout set to be complete by end of summer, this will allow investors to waterfall the sales impact into F4Q-F1Q, or the easiest Yr/Yr traffic/SSS compares ahead. We think this is enough for the NT bulls to own the narrative, while anything that could definitively play into the LT narrative (e.g., margin/profit targets) acting more as a wild card around earnings."

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