Jefferies Boosts Numbers on Starbucks (SBUX) On Lower Coffee Prices

Jefferies raised estiamtes its price target on Starbucks (NASDAQ: SBUX) from $53 to $62 citing lower coffee costs in 2013. The firm maintained their Buy rating.

The firm comments, "Although valuations are near historical averages, the potential gross margin improvements from lower coffee costs in 2013, along with positive fundamentals, lead us to raise estimates & target prices and continue to have a favorable view of the specialty coffee category."

FY12 EPS goes up from $1.84 to $1.85 and FY13 goes from $2.25 to $2.35

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

Shares of Starbucks closed at $55.21 yesterday.

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