JPMorgan analyst John Ivankoe upgraded Starbucks to Overweight from Neutral with an unchanged price target of $101. After stress testing China, the analyst brought the company’s fiscal 2023 total international operating profit levels back to those achieved in fiscal 2019 of $1.29B versus the $1.93B he previously modeled. Even at this new pro-forma estimate, Starbucks shares “would show very favorable risk/reward dynamics,” Ivankoe tells investors in a research note. As the world’s number two economy, “time will at least sort out COVID-era restrictions as it has nearly everywhere else in the world” in China, writes the analyst. He believes the Starbucks brand should maintain its “affordable luxury status” and that valuation can drive share outperformance.