DA Davidson analyst Matt Curtis reiterated a Neutral rating and $110.00 price target on Starbucks (NASDAQ: SBUX).

The analyst commented, "Starbucks has reportedly explored a takeover of Chipotle, according to the Financial Times, a transaction that would certainly be transformational for both. Despite little obvious overlap in terms of supply chain and other areas, there is some strategic rationale for such a deal, namely another growth lever for SBUX and access to infrastructure/expertise for CMG. That said, we still view the odds of a deal being completed as relatively low (~20%)."

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Shares of Starbucks closed at $93.21 yesterday.