Starbucks price target raised to $128 from $122 at Credit Suisse

Credit Suisse analyst Lauren Silberman raised the firm’s price target on Starbucks to $128 from $122 and keeps an Outperform rating on the shares. The firm notes Starbucks delivered an "impressive" Q2 print with beats across the board. Despite the strong Q2 beat, Starbucks maintained its full year 2023 guide for EPS growth at the low end of 15%-20%, which Credit Suisse views more as conservatism rather than any change in underlying fundamentals amidst uncertainty in the macro environment. The firm sees potential upside to numbers on better-than-expected U.S. flow-through and the ongoing China recovery. Expectations were high into the print, and Credit Suisse views any pullback in the stock as a buying opportunity of a best=in-class, high-quality growth company.