UPDATE: Deutsche Bank Raises PT to $61 on Starbucks
Deutsche Bank increases its price target on Starbucks (NASDAQ: SBUX) to $61 from $59 on possible catalyst to sales from the company's light roast launch.
Deutsche Bank says, "While most of the recent focus has been on SBUX's new single-serve platform, we have taken a look at an initiative that may be more impactful in the near term – SBUX's launch of a lighter-roast coffee option called “Blonde”. We spoke with employees at 55 Starbucks stores and 22 grocery stores across the US to gather some feedback on the launch of Blonde. Overall, we were encouraged by the results, particularly considering SBUX's limited marketing spend."
SBUX closed at $52.34 a share on Tuesday.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.