Piper Jaffray Reiterates Overweight Rating On Starbucks

According to Piper Jaffray, Starbucks SBUX Overweight rating is reiterated. Starbucks said that it is updating its recently rebuilt Starbucks model, which now better accounts for an incremental ~$150 million in CPG revenues (on an annualized basis) from the company's reacquired pound coffee business. “We reiterate our Overweight rating and $50 price target, which implies a ~$7/share valuation for the company's CPG segment.” Starbucks closed yesterday at $39.43.