Starbucks (SBUX) PT Lifted to $63 at Piper Jaffray

Piper Jaffray analyst Nicole Miller Regan reiterated her Overweight and Top Pick rating on Starbucks (NASDAQ: SBUX) while raising her price target to $63.00 (from $55.00) following a recent management visit.

Regan commented, "Today's note follows our recent visit with Mr. Cliff Burrows (President of U.S./Americas & Teavana), Mr. Charley Jemley (SVP of Finance), & Ms. JoAnn DeGrande (VP of IR). We are reiterating SBUX shares as a 2015 top pick and note our heightened conviction around the breadth of global growth drivers. Our bull thesis and five year model calls for a near doubling of earnings and $100+ bil. market capitalization with continued execution as the primary catalyst for shares. We reiterate our OW rating and are increasing our price target to $63 based on 18x FY16 EV/EBTIDA (vs. 16x prior) which reflects increased confidence in the company’s compelling pipeline of global initiatives and track record of consistent operational execution"

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 $53.71 yesterday.

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