Bernstein upgraded Starbucks to Outperform from Market Perform with a price target of $115, up from $92. The market has positively reacted to the appointment of Brian Niccol as the new CEO, but the stock’s current valuation does not fully appreciate the earnings power that Starbucks could unlock, the analyst tells investors in a research note. The firm says that while the turnaround will take time, it will not need to be completed for the stock to start to work. Bernstein expects the operational focus to result in re-acceleration of traffic-driven comparable sales growth, and in return to pre-Covid operating margin levels of 18.5%.