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NEW YORK - Starbucks Corp.'s cost control efforts and the likelihood of a key sales measure improving prompted an analyst to lift the coffee chain's rating and price target on Monday.
Jeff Farmer of Jefferies & Co. said in a client note that the Seattle company has lowered costs even more than initially forecast, which should benefit its 2010 profit by 23 cents per share.
Starbucks' sales at U.S. stores open at least a year are also likely to climb next year due in part to new prices and some combination deals.
Sales at stores open at least a year are a key indicator of retailer performance since they measure growth at existing stores rather than newly opened ones.
Farmer raised his rating on the company to "Buy" from "Hold" and increased his price target to $25 from $22.
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