Starbucks upgraded to Outperform from Market Perform at Wells Fargo Wells Fargo upgraded its rating on Starbucks to Outperform from Market after meeting with management and raised its price target range for shares to $87-$89 from $74-$76. Wells is positive on Starbucks' loyalty programs and digital offerings and believes the company is entering a new era of growth. Shares of Starbucks closed yesterday up $1.87 to $72.36.
EU says Starbucks tax deal in Netherlands may be illegal state aid, WSJ says The European Union said the tax deal struck by Starbucks (SBUX) in the Netherlands amounts to illegal state aid, reports the Wall Street Journal. European Commission regulators said it reached a preliminary view that the tax deal violated guidelines produced by the Organization for Economic Cooperation and Development. It said the tax deal "tolerates questionable adjustments which allow Starbucks Manufacturing BV to lower the resulting corporate income tax basis in the Netherlands." The EU is also investigating tax arrangements of Apple (AAPL) in Ireland and Amazon (AMZN) and Fiat S.p.A. (FIATY) in Luxembourg. Reference Link