Starbucks price target raised to $105 from $98 at UBS

UBS analyst Dennis Geiger raised the firm’s price target on Starbucks (SBUX) to $105 from $98 and keeps a Neutral rating on the shares. Starbucks’ Q1 earnings highlighted modest margin and earnings upside and better than expected same-store sales, while “Back to Starbucks” strategic initiatives to fuel sales growth gained traction, the analyst tells investors in a research note. While the firm is encouraged by improved SSS trends through Q1 and management’s expectation for a return to positive U.S. and global comps in Q2, UBS says EPS will likely face considerable pressure in Q2 given investments and restructuring charges.