Oppenheimer remains confident in Starbucks

|About: Starbucks Corporation (SBUX)|By:, SA News Editor

Oppenheimer lifts its price target on Outperform-rated Starbucks (NASDAQ:SBUX) to $81 after shares ran right past the firm's prior PT of $72.

"We remain confident in drivers behind healthy SSS, but recognize that multiple expansion is difficult to justify in near-term (from 25x forward P/E). We'd remain aggressive on valuation-led pullbacks," writes analyst Brian Bittner.

Shares of SBUX are up 0.49% premarket to $75.48.

Subscribe for full text news in your inbox