Morgan Stanley reiterated its Overweight rating on Starbucks SBUX but lowered its price target from $58 to $56.
Morgan Stanley said, "After last Q's slip, we see US sales & margins stabilizing with new established run rate, but value still key for traffic growth. Verismo and an improved UK business also inc confidence in 15-20% annual EPS growth, but don't see much upside beyond. Tweaking numbers; maintain OW w/ $56 px target."
Starbucks closed at $51.04 on Thursday.
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