Jefferies Upgrades Starbucks to Hold, $92 Target

Jefferies upgraded Starbucks Corp. to Hold from Underperform, raising price target to $92 from $86.
Upgrade driven by reduced international exposure after April 2 China JV completion, cutting the segment from ~33% sales to minimal.
Analysts project FY2026 EPS $2.27 and FY2027 $2.73, below consensus, citing conservative same‑store sales and 100‑bp lower margin outlook.
Starbucks trades at ~35× forward earnings, a premium to peers (21×) and S&P 500 (22×), needing mid‑single‑digit sales growth H2 FY2026.