Starbucks has ripped higher this year. TD Cowen sees more room to run

⦿ Executive Snapshot

• What: TD Cowen upgraded Starbucks' stock rating from hold to buy, raising the price target.
• Who: TD Cowen, Starbucks, Analyst Andrew Charles.
• Why it matters: This upgrade reflects confidence in Starbucks' strategic shift and potential for positive sales growth amidst a recovering market.

⦿ Key Developments

• TD Cowen raised its price target on Starbucks shares from $106 to $120, indicating a potential 13% upside.
• Analyst Andrew Charles forecasts a 4% increase in same-store sales for Starbucks in fiscal year 2028, surpassing the Street's consensus estimate of 3.4%.
• Starbucks' stock has risen 26% year to date, marking its first annual gain if sustained through the end of the year.

⦿ Strategic Context

• Starbucks experienced a sales slump for nearly two years starting in 2023, but began reversing this trend late last year.
• The company's