Davenport Initiates Starbucks Coverage With a Buy (SBUX)
Davenport began coverage on a coveted consumer stock by giving Starbucks (SBUX) a “Buy” rating.
The firm set a price target of $76 for the coffee stock as it feels that there is significant upside due to an improving economy. Starbucks has remained a consistent dividend payer and has watched its stock soar in 2013. The firm now has a market cap of nearly $50 billion and sees its stock trade more than 4.5 million times every day.
Starbucks shares were up $1.06, or 1.61%, at Wednesday’s close. The stock is currently just 2.5% off of its 52-week highs.
The Bottom Line
Shares of Starbucks (SBUX) are currently yielding 1.28% based on Wednesday’s closing price of $65.80.
Starbucks (SBUX) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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