Starbucks price target raised to $123 from $121 at Barclays

Barclays analyst Jeffrey Bernstein raised the firm’s price target on Starbucks to $123 from $121 and keeps an Overweight rating on the shares. The company’s fiscal Q1 U.S. comp was strong and in-line with consensus, though a lower than expected China comp drove a modest margin and earnings shortfall, the analyst tells investors in a research note. With that said, all fiscal 2023 guidance was reiterated, demonstrating confidence in rest of world momentum and improving China trends, says the firm.