Starbucks is tipped by Cowen to outperform with China reopening a tailwind
JohnFScott

Cowen turned more constructive on Starbucks Corporation (NASDAQ:SBUX) for 2023 with a number of catalysts seen for the year ahead.
Analyst Andrew Charles expects the China reopening narrative for SBUX's 100% company-owned business to be more impactful for the multiple even if progress is non-linear.
The firm is also bullish on the impact of company initiatives.
"We believe Starbucks is pursuing the right structural drivers including on-trend iced and plant-based beverages, broadening payment options beyond a Starbucks gift card for customers to join the My Starbucks Rewards loyalty program and making digital ordering more frictionless."
Charles and team model EPS growth of 20% between 2023 to 2025 for Starbucks (SBUX), aided by the China recovery, at the high end of guidance shared at the SBUX investor day in 2022.
Cowen has an Outperform rating on SBUX and increased its price target to $112.
Shares of Starbucks (SBUX) rose 0.76% premarket to $101.60 vs. the 52-week trading range of $68.39 to $114.96.