Movement Alert｜Starbucks Rises 3.2% in Regular Trading, Multiple Investment Banks Raise Price Targets in Succession

Market Focus07-16 21:58

On July 16, Starbucks rose 3.2% in regular trading, trading at $107.98/share, with turnover of $56.91 million.

On the news front, Morgan Stanley on July 15 raised its price target on Starbucks from $110 to $111, maintaining an Overweight rating. This followed Citigroup's July 14 move to raise its target from $101 to $108 while maintaining a Neutral rating. Two major investment banks raising price targets in quick succession has bolstered market sentiment. According to FactSet, the analyst consensus price target stands at $107.25.

Adding to the positive momentum, Starbucks earlier announced plans to leverage AI to develop in-house software tools that could replace certain Microsoft and IBM enterprise applications. The company's CTO noted annual software spending of approximately $400 million, which the company aims to significantly reduce as part of a broader turnaround and cost-cutting effort, with replacement tools potentially rolling out by end of next year.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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