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Oppenheimer analyst Brian Bittner raised the firm's price target on Starbucks (SBUX) to $140 from $135 and reiterates an Outperform rating on the shares.

The analyst's updated analysis "identifies further upside" to Street's financial forecasts through 2022. "Major traction" from self-help strategies and gains in U.S. mobility data suggest the company's sales are positioned to outperform, Bittner tells investors in a research note.

His work suggests that management's earnings guidance for 2021 could prove conservative, and in 2022 he anticipates "outsized" earnings growth above 20% - "far better than any global restaurant peer."

The analyst says Starbucks has a "superior setup" that keeps him upbeat.