Starbucks Gains on Broker Action

Starbucks trades higher following a bullish price target adjustment.
By Miriam Reimer ,

SEATTLE (

TheStreet

) --

Starbucks

(SBUX) - Get Report

traded higher Thursday morning following some favorable broker action.

Analysts at Bank of America/Merrill Lynch maintained a neutral rating on Starbucks shares but raised their price target on the stock to $35.

Starbucks added 2.8% ahead of midday to trade around $32.60.

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Earlier this week analysts from Argus Research reiterated a buy rating on Starbucks and upped their price target by $1 to $39. McAdams Wright Ragen analysts reiterated a buy rating and raised their price target by $5 to $36.

UBS also reiterated a buy rating on Starbucks, hiking its price target from $29 to $33 over the last two months.

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-- Written by Miriam Marcus Reimer in New York.

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