Starbucks price target raised to $110 from $105 at Baird

Baird raised the firm’s price target on Starbucks to $110 from $105 and keeps a Neutral rating on the shares. The analyst said Q2 global comps/EPS came in well ahead of estimates, but they surprisingly did not raise 2023 guidance and also signaled that U.S. comps have moderated into Q3 and that the China recovery is expected to be more shallow than we had been anticipating.