UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Starbucks Corporation
In a report published Friday, Deutsche Bank reiterated its Buy rating on Starbucks Corporation (NASDAQ: SBUX), and slightly raised its price target from $55.00 to $56.00.
Deutsche Bank noted, “Finishing FY12 on a Strong Note (Against a Low Bar). Healthy F4Q results should address key concerns raised in July, as Americas SSS re-accelerated (against tougher compares and low expectations) and costs were well-managed (EBIT margin 20bps above model, incl. charges). SBUX also raised the div. by 24% and repurchased ~$500mm in shares in the qtr. We had not expected either given the pending legal settlement, suggesting mgmt.'s confidence in cash generation. Raising ests; PT to $56. Maintain Buy.”
Starbucks Corporation closed on Thursday at $46.59.
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