Starbucks (SBUX) PT Raised to $135 at Oppenheimer Into Q1 Results (Earlier)

April 19, 2021 10:30 AM EDT
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Price: $111.20 +0.64%

Rating Summary:
    27 Buy, 18 Hold, 1 Sell

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    Up: 30 | Down: 4 | New: 24
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Oppenheimer analyst Brian Bittner raised the price target on Starbucks (NASDAQ: SBUX) to $135.00 (from $122.00) while maintaining an Outperform rating.

The analyst commented, "Ahead of results on April 27, our updated analysis reinforces SBUX as one of our top three picks despite flying at all-time highs. We raise our '21/'22E EPS and increase our target to $135 from $122. We believe the model now enters a powerful earnings cycle with levers for mgmt to upgrade 2021 EPS guidance. Positive revisions could remain an attractive theme beyond print as our analysis identifies sales/margin tailwinds under-appreciated by consensus through 2022. This, and strong visibility into 6%+ unit growth, gets us comfortable with its 33x fwd P/E given relative valuation to S&P is in-line with history."

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