Starbucks price target raised to $115 from $98 at Morgan Stanley

Morgan Stanley analyst Brian Harbour raised the firm’s price target on Starbucks to $115 from $98 and keeps an Overweight rating on the shares. As far as current trends go, “things don’t look great,” and the setup near term is “a bit muddled,” but the firm likes the longer-term potential, the analyst tells investors in a fiscal Q4 preview note. Annual guidance would usually be a focus this cycle, though the firm thinks there is a chance the new CEO and team shy away from providing the usual full financial rundown, and thinks an event in the near future, perhaps early 2025, could give more details and is “a more likely catalyst.”