Starbucks price target raised to $105 from $90 at JPMorgan

JPMorgan raised the firm’s price target on Starbucks to $105 from $90 and keeps an Overweight rating on the shares. New CEO Brian Niccol is “inheriting no strategy/guidance to defend, and in our opinion will be given a clean slate to do what’s right to balance the needs of customers, partners, and shareholders,” the analyst tells investors in a research note. The firm says Niccol is not expected to produce a set of near-term earnings goals, which “arguably sets a path towards even higher” fiscal 2027 and beyond results than before. JPMorgan believes the CEO will take both a top-down and bottom-up approach to recapture value at Starbucks. The firm thinks the stock “could be poised to consolidate some of the recent gains,” and recommends adding to positions in the low $90s.