Cowen upgrades Starbucks, says company implementing strategies that will pay off after pandemic

People wear protective face masks outside Starbucks in midtown as the city moves into Phase 2 of re-opening following restrictions imposed to curb the coronavirus pandemic on June 23, 2020 in New York City.
Noam Galai | Getty Images

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The Covid-19 crisis is helping Starbucks reset its business strategy, shedding unneeded assets and focusing on customer innovation, according to Cowen. 

The Wall Street firm upgraded shares of Starbucks to outperform from market perform, sending shares of the world's largest coffee chain up more than 2% in early trading Wednesday. Cowen also raised its 12-month price target to $99 from $77 per share.