Starbucks "neutral," target price raised

21.05.08 - Robert W. Baird

NEW YORK, May 21 (newratings.com) - Analyst David E Tarantino of Robert W Baird maintains his "neutral" rating on Starbucks Corporation (SBUX). The target price has been raised from $17 to $18.

In a research note published this morning, the analyst mentions that Starbucks' long-term prospects are bright and the company continues to take appropriate initiatives to bolster the shareholder value. The performance of Starbucks' new textured frozen product at the test stores has been healthy, the analyst says. Starbucks has indicated that innovation would enable the company to enhance its value and sustain its leadership position going forward. The company's Pike Place Roast is performing well, Robert W Baird adds.