Starbucks Upgraded to Buy, $120 Target

TD Cowen upgraded Starbucks to Buy, raising price target to $120, citing early‑stage turnaround and margin recovery.
Shares jumped about 1.4% in pre‑market trading, with SBUX up 1.68% after the upgrade announcement.
TD Cowen lifted FY2026‑2028 EPS forecasts ~9% to $2.46, $3.23 and $3.94, each ~6% above consensus.
Projected FY2028 operating margin 15.1% tops guidance (13.5‑15%) and consensus 14.6%, aided by $2 bn cost savings and $800 m target.