Starbucks price target raised to $122 from $116 at Credit Suisse

Credit Suisse analyst Lauren Silberman raised the firm’s price target on Starbucks to $122 from $116 and keeps an Outperform rating on the shares following the Q1 results. EPS for the quarter missed consensus, while U.S. same-store sales were 10%, reflecting ongoing momentum, and should continue to support confidence in Starbucks’ resiliency and ability to execute on its ambitious long-term 7%-9% SSS target, the analyst tells investors in a research note. The firm does not believe the print and near-term China challenges should weigh on the medium to long-term earnings power of the business.