Piper Jaffray Boosts Target on Starbucks (SBUX) to $68, Maintains Overweight

Piper Jaffray's Nicole Miller Regan boosted her price target on shares of Starbucks (NASDAQ: SBUX) by about 24 percent from $55 to $68 Thursday morning. The analyst maintains an Overweight rating on the stock.

The analyst call follows a recent 5 percent move higher in Starbucks' shares following news of its new Verismo product. Going back a little further, the stock is up more than 9 percent since the beginning of March.

Shares of coffee peer Green Mountain (Nasdaq: GMCR) are down nearly 18 percent since Starbucks announced the Verismo.

With Starbucks shares up 0.6 percent to $52.98 at last check Thursday, Piper Jaffray's new price target represents potential upside of about 28 percent.

For an analyst ratings summary and ratings history on Starbucks click here. For more ratings news on Starbucks click here.

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