Wall Street Remains Bullish on Starbucks Following Q2 Earnings

Wall Street analysts are sharing their views on Starbuck's (NYSE: SBUX) second quarter results.

Deutsche Bank analyst Jason West believes the stock is “likely to respond favorably to these results,” given the “broader backdrop of weather-driven misses and SBUX's share price underperformance YTD,” -- Buy rating, $84 price target.

Wells Fargo analyst Bonnie Herzog “continues to be impressed with SBUX's ability to deliver results and believes the future for the company remains very bright,” based on:

• Strong execution of multiple initiatives in the U.S.
• Potential to become international powerhouse.
• Impressive loyalty programs and digital offerings.
• Long runway for growth in CPG both in the U.S. and internationally.

-- Outperform rating, $89-91 valuation range.

Oppenheimer analyst Brian Bittner believes the impressive 6 percent comp number, which was above the 4-5 percent analyst estimates, “should provide the stock much better support than experienced year-to-date.” -- Outperform rating, $86 price target.

Longbow analyst Alton Stump remains confident “the company can generate 5-7 percent same store sales growth in the U.S. over the next 24 months.” -- Buy rating, $94 price target.

Starbucks remains Jefferies analyst Andy Barish's “favorite large-cap stock,” and sees “potential for upside as consumers accept SBUX's entrance into expanded food & daypart platforms and the company finds new ways to lever its digital assets.” -- Buy rating, $84 price target.

Shares of Starbucks are up 0.46 percent to $71.41.