(CercleFinance.com) – Jefferies reiterates its Buy rating and sets the price target at $100 on Starbucks.
‘The announced new chief executive, Laxman Narasimhan, appears to be a good candidate and should have a positive impact on the company and the action in the long term,’ said the analyst for whom the company is in a period of transition until as of April 1, 2023.’ But nonetheless, we believe the company is laying the groundwork for an attractive long-term growth algorithm. ‘
For Jefferies, the September 13 analyst day will likely be the next catalyst. “We expect management to provide more detail on the five pillars of the ‘Plan for Reinvention’ presented in the latest earnings call. ‘
Recall that U.S. F3Q trends were solid with no evidence of a slowdown or shift in customer spending ‘except in China where visibility remains low’, the analyst said, ‘but where the long-term growth opportunity term nevertheless remains attractive. We believe the foundations are being laid for a rebound in growth. ‘
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