Starbucks Corp SBUX shares are trading higher Wednesday after JPMorgan analyst John Ivankoe upgraded the stock from a Neutral rating to an Overweight rating and announced a $101 price target.
Starbucks also announced that CEO Kevin Johnson will transition from his lead role on April 4, but he will continue to work with Starbucks as a partner and special consultant to the company and board through September.
Starbucks founder Howard Schultz will return to the company he helped build as interim CEO, while the board searches for a long-term replacement.
Related Link: Starbucks CEO Kevin Johnson Announces Retirement; Founder Howard Schultz To Return In Interim Role
SBUX 52-Week Range: $78.92 - $126.32
Starbucks shares are up 7.05% at $88.99 at time of publication.
Photo: Engin_Akyurt from Pixabay.
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