Stifel Upgrades Starbucks (SBUX) to Buy, "Attractive Valuation"
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Stifel upgraded Starbucks (NASDAQ: SBUX) from Hold to Buy with a price target of $67.00 (from $60.00).
Analyst Mark Astrachan expects SBUX multiple to expanded as US comp store sales growth accelerates over the next 12 months. He sees global comps modestly below US levels by up in the mid single-digit range. He further comments that a meet on the expectations for comps will result in outperformance of shares.
FY 2017 EPS estimate remains at $2.12 and FY 2018 EPS estimate remains at $2.40.
Shares of Starbucks closed at $59.04 yesterday.
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