On July 16, Starbucks rose 3.2% in regular trading, trading at $107.98/share, with turnover of $56.91 million.

On the news front, Morgan Stanley on July 15 raised its price target on Starbucks from $110 to $111, maintaining an Overweight rating. This followed Citigroup's July 14 move to raise its target from $101 to $108 while maintaining a Neutral rating. Two major investment banks raising price targets in quick succession has bolstered market sentiment. According to FactSet, the analyst consensus price target stands at $107.25.

Adding to the positive momentum, Starbucks earlier announced plans to leverage AI to develop in-house software tools that could replace certain Microsoft and IBM enterprise applications. The company's CTO noted annual software spending of approximately $400 million, which the company aims to significantly reduce as part of a broader turnaround and cost-cutting effort, with replacement tools potentially rolling out by end of next year.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)