Deutsche Bank Maintains Hold on Starbucks' Five Segment Info Release

Deutsche Bank has published a research report on Starbucks Corporation SBUX after the company released info on its five segments: Americas, EMEA, China/Asia Pacific, CPG, and Other. In the report, Deutsche Bank writes, "The Americas is made up of the US, Canada and Lat. Am. and will be lead by Cliff Burrows, previously president of US. EMEA consists of Europe, Middle East, Russia, and Africa and will be lead by Michelle Gass, previously head of SBC. China/Asia Pac will be lead by John Culver, previously president of International. SBUX provided restated consolidated income statements and segment data for ‘09/‘10 annual periods and for the 2011 quarters. The company also shifted some indirect costs that were previously allocated to the individual segments to corporate G&A. SBUX also provided total year-end historical unit counts for the '09-'11 periods but did not give historical SSS for the segments. We have tweaked our model to reflect the new reporting structure. Our overall EPS is unchanged at $1.80 for FY12 and $2.14 for FY13. For FY12, we assume +6.6% SSS for the Americas, +3.4% for EMEA and +9.0% for China/Asia Pacific." Deutsche Bank maintains its Buy rating and $52 price target on Starbucks, which is currently trading up $0.47 from Friday's $47.36 closing price.