NEW YORK (TheStreet) -- Shares of Starbucks (SBUX) - Get Report are advancing 0.59% to $56.65 in pre-market trading Tuesday as the coffee giant raised prices on some of its beverages.

Customers will pay 10 cents to 20 cents more for certain sizes of brewed coffee and 10 cents to 30 cents more for espresso beverages and tea lattes, according to a statement.

The move increases the average customer ticket by about 1%. But 65% of beverage prices have not changed, Starbucks said.

The price hikes will vary by U.S. market.

The Seattle-based company said the latest increase was needed for "business needs."

(Starbucks is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a freetrial.)

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.

The company's strengths can be seen in multiple areas, such as its growth in earnings per share, revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity and increase in net income.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: SBUX

Image placeholder title