BUZZ-Street View: Starbucks heading in the right direction
Starbucks SBUX.O reported a smaller-than-expected fall in first-quarter comparable sales on Tuesday, in early signs of the struggling coffee chain benefiting from CEO Brian Niccol's efforts to revive demand
Shares marginally down in premarket trading
THERE IS A CHANCE
Morgan Stanley ("overweight," PT: $115) says "comp improvement is the key driver this year, that plan seems to be on track with glimmers of progress and much more to come"
J.P.Morgan ("overweight," PT: $105) says the pace of change is accelerating in Starbucks and brand momentum is turning
Stifel ("buy," PT: $114) is encouraged by the progress SBUX is making to get 'Back to Starbucks' and expect comps to return to positive territory as early as Q2
Jefferies ("underperform," PT: $76) says no early signs of improvement in same store sales (SSS)/traffic trends
However brokerage adds, "eventually, we think SBUX will benefit from several strategic changes underway and planned, but will take time to play out in an uncertain consumer environment"
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