BTIG analyst Peter Saleh keeps a Buy rating and $125 price target on Starbucks after the company announced that its founder Howard Schultz would step down from his seat on the Board of Directors. Though disappointing given his “magic touch” around Starbucks brand, the departure was not surprising given his gradual retirement from the company and should have little to no impact to fundamentals in the near or medium term as the company’s three-year reinvention plan is being executed by his selected leadership team, the analyst tells investors in a research note.
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