Starbucks (SBUX) PT Raised to $115 at RBC Capital

RBC Capital analyst Christopher Carril raised the price target on Starbucks (NASDAQ: SBUX) to $115.00 (from $109.00) while maintaining an Outperform rating.

The analyst commented, "At its 2020 Investor Day, SBUX articulated a path to ongoing EPS growth of +10-12% beginning in FY23 - refining its prior target of at least +10% - with new LT guidance including a slight moderation in net new unit growth, offset by higher comp sales and operating margin targets. Nearer-term, SBUX reaffirmed its FY21 guide and provided initial FY22 guidance (of >20%, above our/Street prior +17%). We came away from the Investor Day incrementally more positive on SBUX from both '21 recovery and LT perspectives. Raising estimates, and our PT to $115, from $109."

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