Starbucks stock is stumbling on Wednesday, following the coffee giant’s mixed fiscal first-quarter earnings report. Still, despite ongoing pandemic headwinds weighing on sales, analysts are mostly optimistic that the company’s Covid-19 recovery is under way.
Telsey Advisory Group’s Bob Derrington is among those on the sidelines, with a Market Perform rating, but he still raised his target to $108 from $102, writing that he is “encouraged by the company’s plan and gradually recovering same-store sales,” but is held back by valuation.
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