Starbucks ushered in market optimism after appointing Brian Niccol as its new CEO. Danilo Gargiulo, an analyst at investment institution Bernstein, said that Niccol is the "perfect CEO" to guide Starbucks' recovery. He will use his experience accumulated at Taco Bell and Mexican Grill to help Starbucks transform. Bernstein raised its rating and price target on Starbucks stock, raising the price target from $86 to $115.
Since Starbucks announced in mid-August that Niccol will take over as CEO, Starbucks stock price has risen by approximately 27%. Analysts believe Niccol's leadership will help Starbucks address many of the challenges it has faced recently, including long morning wait times, cumbersome in-app experiences and a passive stance on social issues.
In addition to the appointment of a new CEO, Starbucks has also made changes at the top, including the appointment of Molly Liu as head of China business, the establishment of the position of global chief brand officer, and the retirement of Michael Conway in November. Bernstein analysts said these changes, along with the reduction in the company's size and layers, will be a catalyst for higher stock prices.
However, not all analysts are optimistic about Starbucks' future. Jefferies downgraded Starbucks stock to "sell" earlier this week, arguing that the transition will take time and could put pressure on the stock in the short term.
Starbucks is in a period of transformation. How Niccol's leadership will help Starbucks overcome challenges and achieve recovery deserves the market's attention. Regardless of the outcome, this is an event worthy of attention as it relates to the future development of the global coffee giant.
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