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Fly News Breaks for June 17, 2019
Jun 17, 2019 | 08:17 EDT
Jefferies analyst Andy Barish raised his price target for Starbucks to $96 from $89 and keeps a Buy rating on the shares. The stock closed Friday up 89c to $84.24. While investor concerns that nationalism due to the trade and technology wars could turn Chinese consumers against U.S. brands linger, the analyst sees "little risk" to Starbucks' brand strength in China. The company's investments in people, innovation, and store growth "should help weather potential, if any, backlash," Barish tells investors in a research note. The analyst says China mobile app data supports this belief, with Starbucks app engagement "holding steady" and the company still in the "early days of unlocking digital flywheel in China."