UPDATE: Credit Suisse Raises PT on Starbucks on Lowered F13 EPS Estimate

In a report published Friday, Credit Suisse analyst Keith Siegner reiterated an Outperform rating on Starbucks Corporation (NASDAQ: SBUX), and raised the price target from $66.00 to $69.00.In the report, Siegner noted, “We understand the confidence in a back half acceleration: With weather volatility easing, easy compares, a 2012 product introduction (refreshers), SBUX doesn't lap until July, innovation around bottled iced coffee, the MSP CPG launch, coffee cost favorability, and a repurchase benefit SBUX doesn't fully lap until 4Q we feel very comfortable that EPS can accelerate into the back half. We remain $0.01 above the high end of guidance for 3Q/4Q. Our F13 EPS est falls to $2.19 from $2.25, largely reflecting a slightly more cautious approach to K-cups and weaker CPG margins. Our F14 est. falls to $2.71 from $2.82 and F15 to $3.26 from $3.34. We raise our Target Price to $69 from $66, reflecting a 23x multiple applied to our NTM, twelve months from now EPS estimate of $2.99.”Starbucks Corporation closed on Thursday at $60.50.