MKM Partners analyst Brett Levy initiated coverage of Starbucks with a Buy rating and $105 price target. The analyst is positive on the company's "unique long-term mix" to build out its "dominant" global business, sustain its strong in-store operations, and continue to make investments in its supply chain and digital infrastructure. Levy adds that the low-double-digit total shareholder returns for Starbucks over the long term warrants his Buy rating, even though the company's operations in the near term may be impacted by the China-related concerns, making the stock volatile.