The new CEO at Starbucks is given high marks by analysts
Wall Street analysts have weighed in positively on the selection of Laxman Narasimhan as the next CEO at Starbucks (NASDAQ:SBUX).
Cowen analyst Andrew Charles (Outperform, $104 price target) and team are optimistic Narasimhan will serve SBUX well by drawing on his global perspective as the former CEO of a publicly traded, multinational consumer corporation. With Starbucks' international business most prominently focused on China, Narasimhan's experience guiding Reckitt Benckiser's large China business is seen as advantageous. His beverage and bottling experience at PepsiCo is also seen as a positive.
Citi analyst Jon Tower (Neutral, $90 price target) noted that Narasimhan appears to have an extensive history advising and running global consumer brands, which could work to the companyâs favor.
Bank of America analyst Jon Tower (Buy, $109 price objective) is confident the new exec can have a positive impact on the culture at SBUX and be well-received by investors.
Meanwhile, Barclays analyst Jeffrey Bernstein (overweight, PT $96) called Narasimhan well suited for the company's reinvention plan.
Shares of Starbucks (SBUX) moved up 0.11% in premarket action to $85.49 vs. the 52-week trading range of $68.39 to $120.76.