Starbucks (SBUX) PT Raised to $135 at Oppenheimer Into Q1 Results (Earlier)
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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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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Analyst PT Change
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