Evercore bumps Starbucks target to $125, removes from ‘Tactical Outperform’ list

Evercore ISI raised the firm’s price target on Starbucks to $125 from $120 and keeps an Outperform rating on the shares, which the analyst also removed from the firm’s "Tactical Outperform" list. Fiscal Q2 results were stronger than expected because of sales strength around the world, but the company noted that the pace of the China sales recovery has slowed in recent weeks and as a result, together with what the firm believes is "conservatism under new leadership," FY23 guidance is unchanged. The firm is "nudging" its EPS estimate higher based on a stronger start to the year.