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Starbucks initiated with an Overweight at Wells Fargo
The Fly

Starbucks initiated with an Overweight at Wells Fargo

Wells Fargo analyst Zachary Fadem initiated coverage of Starbucks with an Overweight rating and $120 price target. The company "leads a high-growth global category with big aspirations," said the firm, which sees multi-year upside given "robust" coffee fundamentals, a global economic recovery and re-opening, share gains, unit growth, and innovation. The firm views Starbucks’ FY23-25 algorithm for high-single digit percentage comp growth and 15-20% EPS growth as "achievable with wiggle room," Wells added.

Published first on TheFly

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