Starbucks (SBUX) PT Raised to $135 at Cowen
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Cowen analyst Andrew Charles raised the price target on Starbucks (NASDAQ: SBUX) to $135.00 (from $126.00) while maintaining an Outperform rating.
The analyst commented, "We fervently argue the better than expected 3Q U.S. comps (+0.86 correlation with pre-COVID-19 FY1 P/E multiple) and EPS beat and raise should offset softer than expected int'l comps, especially as SBUX int'l is a store opening story. While 2021's better than expected EPS was cautioned to potentially not translate to previously guided 20%+ in 2022, we raise 2022-24E EPS 5% & PT to $135 from $126."
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