BMO Capital analyst Andrew Strelzik raised the firm’s price target on Starbucks to $125 from $120 and keeps an Outperform rating on the shares. According to the firm’s study, the company’s U.S. store overlap remained largely steady with 2021 near multi-year lows, increasing confidence that Starbucks will sustain strong U.S. comp momentum and suggesting a pivot to more incremental, less cannibalistic U.S. store growth, the analyst tells investors in a research note. BMO remains positive on the stock and sees upside coming from U.S. strength, margin recovery, and eventual China acceleration.
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