UPDATE: Wedbush Initiates Coverage on Starbucks Corporation with Outperform Rating, $80 PT on Multiple Growth Drivers

In a report published Thursday, Wedbush analyst Nick Setyan initiated coverage on

with an Outperform rating and $80.00 price target. In the report, Wedbush noted, “We expect continued Americas and global comp momentum, accelerating Americas and CAP unit growth, and multiple near- and medium-term CPG and emerging market opportunities to result in raised FY14 EPS estimates. Therefore, we initiate with an OUTPERFORM rating. Checks indicate SSS growth momentum ahead of expectations, with La Boulange, throughput and beverage innovation key levers, in our opinion. Our checks of 5% of U.S. co-owned stores indicate SSS growth is tracking above 7% QTD vs. consensus of 6.8%. We believe the La Boulange rollout, throughput initiatives, and beverage innovation are key contributors to current and ongoing comp momentum.” Starbucks Corporation closed on Wednesday at $72.14.