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

May 14, 2026 cnbc.com

⦿ 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.

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.

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

What did TD Cowen do regarding Starbucks' stock rating?

TD Cowen upgraded Starbucks' stock rating from hold to buy and raised the price target.

Who is the analyst behind the upgrade?

The analyst behind the upgrade is Andrew Charles from TD Cowen.

How much did TD Cowen raise the price target for Starbucks shares?

TD Cowen raised the price target on Starbucks shares from $106 to $120.

What is the forecast for Starbucks' same-store sales in fiscal year 2028?

Analyst Andrew Charles forecasts a 4% increase in same-store sales for Starbucks in fiscal year 2028.

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