RBC Capital analyst David Palmer reiterated an Outperform rating and boosted his price target on Starbucks (NASDAQ: SBUX) to $64.00 (from $60.00) due to higher sales momentum, productivity, and benign costs.

"We believe investments in innovation, technology, and brand development will fuel sales and earnings momentum over the long term," the analyst said.

The firm raised FY16e and FY17e EPS by $0.01.

For an analyst ratings summary and ratings history on Starbucks click here. For more ratings news on Starbucks click here.

Shares of Starbucks closed at $56.56 yesterday.