Consumer
Starbucks Rally Has Room to Run With New CEO, Bernstein Says
- Bernstein raises stock to outperform on management shift
- Turnaround to take time, Niccol ‘perfect CEO,’ analysts say
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Starbucks Corp. shares soared with the appointment of Brian Niccol as chief executive officer boosting optimism over an about-turn for the coffee maker. Bernstein analysts predict there’s more to come.
Analysts led by Danilo Gargiulo upgraded their rating on Starbucks to outperform from market perform and raised their price target to $115 from $92, implying an 18% jump from Thursday’s close.