Robert W. Baird & Co. upgraded Starbucks Corp. to Outperform from Neutral and lifted its 12-month price target to $115 from $100, implying roughly 25% upside from Monday’s close. The brokerage said it has “high conviction” that the coffee chain’s turnaround strategy, being implemented by new leadership, will translate into a sustained rebound in sales and earnings over the next several quarters. Analyst David Tarantino pointed to a series of initiatives—including about $500 million in store-level labor investments, a renewed focus on customer service dubbed the “Green Apron Service,” and an expanded drinks and food innovation pipeline—as evidence that U.S. comparable sales can re-accelerate by 2026. Baird also expects the company to outline cost-saving measures that could help restore operating margins to the 17% level achieved in fiscal 2019. Starbucks shares rose roughly 1% in pre-market trading following the note. The stock is up just 0.5% so far this year, trailing the S&P 500’s gain of more than 8%. Analyst sentiment on the name remains mixed: of 39 analysts tracked by LSEG, 17 rate the shares a buy or strong buy, 18 have a hold, and four recommend selling.