Cowen

Cowen Adjusts Price Target on Starbucks (NASDAQ:SBUX) to $112 From $104, Maintains Outperform Rating. Analyst Andrew Charles expects the news that 100% of the company-owned business restarts operations in China will have a greater impact on the P/E ratio, even if the progress is non-linear. At the same time, Starbucks has many positives for the year ahead. “We believe Starbucks is pursuing the right structural drivers, including popular iced and plant-based beverages, offering customers payment options other than Starbucks gift cards, allowing them to join my Starbucks Rewards loyalty program, and making digital ordering smoother.” Charles predicts that Starbucks’ earnings per share will grow 20 percent between 2023 and 2025 with the help of China’s economic recovery, which is the upper end of the guidance range Starbucks shared at the 2022 investor day.