NEW YORK (TheStreet) -- Shares of Starbucks (SBUX - Get Report) are higher by 0.85% to $56.96 in pre-market trading Thursday as the coffee giant announced an investment and global licensing agreement with Italian boutique bakery Princi.

Starbucks along with Milan-based Angel Lab and Pekepan Investments will expand the number of Princi locations worldwide. The first one is planned for Seattle next year.

Princi will also be the exclusive food purveyor at the new Starbucks reserve roastery and tasting rooms in Shanghai and New York, according to a statement.

Terms of the deal were not disclosed.

In February, Seattle-based Starbucks said it would open its first store in Milan in early 2017.

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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