TD Cowen upgrades Starbucks to Buy, raising target to $120 on strong Q2 and growth confidence.

TD Cowen upgraded Starbucks from Hold to Buy and raised its price target to $120, citing strong Q2 results and positive sales momentum. Starbucks beat earnings expectations with a 9% revenue increase and 6% global comparable store sales growth. The firm is confident in Starbucks' margin recovery and operational improvements, including faster service and menu innovation. Despite a high valuation and some execution risks, the upgrade signals growing institutional confidence in Starbucks' multi-year earnings potential and turnaround progress.