Credit Suisse reaffirmed Starbucks (Nasdaq: SBUX) with a Neutral rating and $61 price target following Q1 results.

The firm commented: Overall, Starbucks valuation leaves limited room for error. Our $61 PT assumes ~31x NTM P/E, above Starbucks's 5-yr avg. of ~25x, which gives the co. credit for industry-leading SSS and multiple levers to growth. Amidst a skittish market backdrop, we'd prefer to wait for a more significant pullback before getting more positive.

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