Starbucks added to ‘Q2 Tactical Ideas List’ at Wells Fargo

Wells Fargo analyst Zachary Fadem added Starbucks to the firm’s Q2 Tactical Ideas List. The firm says shares are out of favor due to lagging comps and elevated 2024 outlook, but compares are easing, price to earnings is trough and margin/throughput levers remain tailwinds. Wells has an Overweight rating on the shares with a price target of $105.