Starbucks price target raised to $105 from $102 at Piper Sandler

Piper Sandler raised the firm’s price target on Starbucks (SBUX) to $105 from $102 and keeps an Overweight rating on the shares following quarterly results. In the U.S. business, same-store sales were down 2%, which was in-line with Piper’s sense of investor expectations. Importantly, the firm notes that Starbucks is pulling forward the deployment of its Green Apron service model to its entire fleet of U.S. stores by the middle of August, which is significantly faster than what management had previously communicated, and which has the potential to change the traffic trajectory sooner than expected here.