Williams Capital reported on Wednesday that they have increased estimates for specialty coffee chain, Starbucks Corporation(SBUX).

The firm has increased its rating for SBUX to a “Perform,” and has raised its price target to $55. This price target suggests a 3% increase from the stock’s current price of $53.19.

Analysts from the firm have increased estimates due to the company’s cost cutting measures and higher sales volume.

Starbucks shares were up 36 cents, or 0.68% during premarket trading Wednesday. The stock is up 7% YTD.

The Bottom Line
Shares of Starbucks (SBUX) have a 1.58% dividend yield, based on last night’s closing stock price of $53.19. the stock has technical support in the $48-$50 price area. If the shares can firm up, we see overhead resistance around the $56 price level.

Starbucks Corporation(SBUX) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.