UPDATE: RBC Capital Markets Initiates Coverage on Starbucks on Positive Growth Outlook

In a report published Friday, RBC Capital Markets analyst David Palmer initiated coverage on

with an Outperform rating and $90.00 price target. In the report, RBC Capital Markets noted, “Starbucks's stock has revalued in recent quarters as its SSS growth outpaced a sluggish industry. We expect that Starbucks' growth premium can be maintained and that it can hit our price target in a year if it delivers our above-consensus FY14 SSS growth of 6% and demonstrates that earnings levers remain in place to deliver nearly 20% EPS growth for the foreseeable future.” Starbucks Corporation closed on Thursday at $79.07.