UPDATE: Williams Capital Group Raises PT to $55 on Starbucks on Updated Sales, Expense Projections
Williams Capital Group reiterated its Perform/Hold rating on Starbucks (NASDAQ: SBUX) and raised its price target from $49 to $55.
Williams Capital Group commented, "We have increased our sales growth estimate by 1% to 11.8% to reflect better than expected current sales trends. Starbucks noted that the first two months of F1Q comp store sales growth in the China/Asia Pacific segment were similar to the 10% growth trends seen in F4Q 2012. We have also reduced our store operating expense estimate by 120 basis points to reflect the margin strength seen in F4Q 2012 results."
Starbucks closed at $53.19 on Tuesday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.