TD Cowen upgraded Starbucks (SBUX) from Hold to Buy. The firm raised its price target to $120 from $106.
Analysts cited tangible drivers for positive sales revisions and a strong category backdrop. TD Cowen expects management to deliver on profit margin recovery projections.
Starbucks recently reported second-quarter fiscal 2026 results that exceeded revenue and earnings per share expectations. The company raised its full-year 2026 guidance following this performance. Starbucks now forecasts global comparable sales growth of at least 5%.