The Starbucks Comeback: Why TD Cowen Just Turned Bullish

TD Cowen upgrades Starbucks to Buy, lifting the price target to $120 (13% upside).

Firm sees “tangible drivers” for better sales: labor investment, margin recovery, lower COGS.

Forecasts 4% same‑store sales growth in FY2028, above Street’s 3.4%.

Starbucks is in the early stages of a North America turnaround after a two‑year slump.

The “Back to Starbucks” plan—marketing, menu, loyalty overhaul—is showing traction.

Shares are up 26% YTD, pacing for the first annual gain since 2021.

TD Cowen’s call is contrarian: only 18 of 40 analysts rate SBUX a Buy.