UPDATE: Jefferies Assumes Starbucks Coverage with Buy, $50 PT

Jefferies assumes coverage of Starbucks

with a Buy rating and $50 target price as it expects the company to continue stable growth story. Jefferies says, “We find SBUX attractive for its global growth potential, strong relative EPS prospects, improved operations, management, and predictability in the business. We are encouraged that these trends are sustainable and that the current valuation does not fully reflect this strong brand and its increasing CPG and international presence, which could help drive growth and a higher multiple over time.” SBUX closed at $43.96 per share on Monday.