Starbucks price target raised to $110 from $94 at Baird

Baird analyst David Tarantino raised the firm’s price target on Starbucks to $110 from $94 and keeps a Neutral rating on the shares. The analyst expects Q1 results to be somewhat mixed, with strength in North America comps potentially countered by China weakness. Looking ahead, we have become more optimistic about the potential positives associated with China’s reopening, but we still see risks related to the macro backdrop for the U.S.