BMO Capital raised the firm’s price target on Starbucks (SBUX) to $115 from $110 and keeps an Outperform rating on the shares after its Q1 earnings beat. The firm is incrementally positive on the company’s turnaround given signs of progress, with potential for positive comps as soon as Q2, the analyst tells investors in a research note. BMO is reducing its FY25 EPS view by 30c to $2.70, largely for investments and restructuring charge, but views that as temporary, adding that its higher price target is due to growing comp optimism and the company’s earnings potential in coming years with sales recovery.
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