Starbucks price target raised to $99 from $96 at Citi

Citi analyst Jon Tower raised the firm’s price target on Starbucks (SBUX) to $99 from $96 and keeps a Neutral rating on the shares following the earnings report. The firm believes Starbucks’ strategy is starting to take form and largely foots with its views heading into the quarter. However, barring a meaningful upside surprise on the cost side in the coming quarters, this implies a meaningful earnings rebase in fiscal 2025, and it is hard to argue the stock’s valuation is compelling, the analyst tells investors in a research note.