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Fly News Breaks for December 12, 2019
SBUX
Dec 12, 2019 | 07:46 EDT
JPMorgan analyst John Ivankoe upgraded Starbucks to Overweight from Neutral with a price target of $94, up from $90, after hosting a meeting with CEO Kevin Johnson and CFO at the company's headquarters. The stock closed Wednesday up 55c to $86.59. Overall, the analyst sensed a high degree of confidence that Starbucks' "growth at scale" agenda is working in the near and medium term, meeting if not exceeding set sales and margin objectives. While not formally updating his model, Ivankoe believes the company's U.S. comps are up 5% and that China results are at least within the 1%-3% expectations. Much of this sales momentum should continue, and Street numbers should trend up through 2020, the analyst tells investors in a research note.
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