Covenant Asset Management LLC Reduces Stock Position in Starbucks Corporation $SBUX

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Covenant Asset Management LLC significantly reduced its stake in Starbucks Corporation by 60% in the fourth quarter, selling 12,339 shares and retaining 8,243 shares valued at approximately $694,000. Despite this, Starbucks reported strong Q2 earnings, beating estimates and raising full-year guidance, though concerns about negative return on equity and low net margins persist. Analysts generally maintain a “Moderate Buy” rating with an average price target of $104.75, reflecting cautious optimism for the company’s turnaround efforts.

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