Starbucks price target raised to $111 from $93 at Citi

Citi analyst Jon Tower raised the firm’s price target on Starbucks to $111 from $93 and keeps a Neutral rating on the shares. He is raising his FY23 and FY24 EPS estimates as his work suggests that the changes to the My Starbucks Rewards program will reduce the effective discount for rewards members to 6% from 8%. He believes current U.S. same-store sales are strong, but should momentum wane in future periods, "bears may point to these [reward program] changes as one of the negative catalysts," Tower noted.