UPDATE: Bank of America Upgrades Starbucks; Raises PT

According to a research report published this morning, Bank of America has upgraded Starbucks SBUX from Neutral to Buy, and raised PT from $65 to $68. In the report, Bank of America said, "We are raising our rating on SBUX shares from Neutral to Buy. SBUX has corrected by about 14% since its April high and subsequent March quarter earnings release with the weakness, in our opinion, is more a function of pre-release investor expectations getting too high than any significant fundamental issue." Starbucks closed yesterday at $53.37.