UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Starbucks Corporation

In a report published Friday, Deutsche Bank reiterated its Buy rating on Starbucks Corporation SBUX, and slightly raised its price target from $55.00 to $56.00. Deutsche Bank noted, “Finishing FY12 on a Strong Note (Against a Low Bar). Healthy F4Q results should address key concerns raised in July, as Americas SSS re-accelerated (against tougher compares and low expectations) and costs were well-managed (EBIT margin 20bps above model, incl. charges). SBUX also raised the div. by 24% and repurchased ~$500mm in shares in the qtr. We had not expected either given the pending legal settlement, suggesting mgmt.'s confidence in cash generation. Raising ests; PT to $56. Maintain Buy.” Starbucks Corporation closed on Thursday at $46.59.