Starbucks (SBUX) PT Raised to $120 at Cowen on Positive Survey

Cowen analyst Andrew Charles raised the price target on Starbucks (NASDAQ: SBUX) to $120.00 (from $112.00) while maintaining an Outperform rating on positive survey results showing minimal change in anticipated coffee shop visitation vs. pre-COVID-19 levels.

The analyst commented, "We are encouraged by proprietary survey data suggesting minimal change in anticipated coffee shop visitation vs. pre-COVID-19 levels. We raise 2Q-4Q21E Americas comps in excess of Consensus Metrix, while 2021 revenue is also aided by nuanced modeling dynamics around store closures that give us confidence in upcoming beats & raises. We raise PT to $120; SBUX is our favorite "reopening" stock."

The firm raised 2Q-4Q21 Americas (~90% U.S.) same store sales from 7%, 76% and 14%; to 8%, 79% and 18%, respectively.

They raised raising 2021-23E EPS to $2.89, $3.50 and $4.02, from $2.85, $3.40 and $3.89, which is in excess of $2.83, $3.46 and $3.92 consensus, respectively

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