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Starbucks Upgraded to Outperform on Sales Expectations

Starbucks  (SBUX) – Get Report shares rose Wednesday after Cowen analyst Andrew Charles upgraded the coffee-bar chain’s stock to outperform from market perform and raised his share-price target 29% to $99 from $77.

“We view early signs of the U.S. recovery as durable, aided by broadening digital access through expanded pay options for loyalty and 23% of U.S. stores adding curbside pickup,” he wrote in a commentary.

“Covid-19 presents new efficiency opportunities [to drive] 15% earnings-per-share growth for 2022-2023, he said. The shares risk/reward balance is “compelling, as our bull/bear cases suggest 2-to-1 upside/downside ratio.”

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