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UPDATE: Deutsche Bank Raises PT on Starbucks Following 3Q13 Preview

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In a report published Monday, Deutsche Bank analyst Jason Weate reiterated a Buy rating on Starbucks Corporation (NASDAQ: SBUX), and raised the price target from $80.00 to $85.00.

In the report, Deutsche Bank noted, “We believe the July sluggishness discussed on 2Q conf. calls generally continued through the balance of 3Q. From MCD to DFRG, mgmt. tone has remained cautious on the restaurant consumer. In contrast, sector valuations are near cyclical peaks (~22x NTM P/E), leaving us concerned about relative and absolute perf. for the group into earnings season. Also, an extended govt. shutdown would likely cause some further retrenchment in restaurant spending. Maintain defensive bias. Reiterate Buys on MCD (franchise income on the cheap) and BWLD (favorable margin outlook protects EPS).”

Starbucks Corporation closed on Friday at $77.40.

Latest Ratings for SBUX

DateFirmActionFromTo
Nov 2017Morgan StanleyMaintainsOverweight
Nov 2017UBSMaintainsBuy
Nov 2017BMO CapitalMaintainsMarket Perform

View More Analyst Ratings for SBUX
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Posted-In: Deutsche Bank Jason WeateAnalyst Color Price Target Analyst Ratings

 

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