Wells Fargo Cuts Starbucks (SBUX) Price Target to $120

Wells Fargo maintained its Overweight rating on Starbucks Corporation (NasdaqGS: SBUX) on October 21, 2026, while lowering its price target from $125.00 to $120.00. The research note provides a forward-looking view on the coffee giant as shares trade well below that target level.

SBUX Starbucks Corporation

$98.67 ▲ +19.64% year to date

1M 3M YTD

Daily close · Oct 21, 2026

Wells Fargo's Call on Starbucks Corporation

In its research note published on October 21, 2026, Wells Fargo kept an Overweight rating on Starbucks Corporation while trimming the target price by $5.00 to $120.00. The previous target stood at $125.00. The firm remains positive on the stock even with the lower target, which sits comfortably above recent market prices.

Starbucks Corporation Stock Up 1.0%

Starbucks Corporation shares recently traded around $98.45 as of October 21, 2026. That puts the stock up about 1.0% since its October 16, 2026 closing price of $97.52. The recent price is below the 50-day moving average of $100.21 and underneath the 200-day moving average of $99.16. Over the past year, the stock has traded as low as $77.99 and as high as $110.51.

Recent Earnings

Starbucks Corporation generated trailing twelve-month revenue of $38.34 billion alongside basic trailing twelve-month earnings per share of $1.73. The company recorded a net profit margin of 5.2% and a year-over-year revenue growth rate of -1.4%. The next quarterly earnings release is scheduled for October 29, 2026.

Dividend

Starbucks Corporation pays an annual dividend rate of $2.52 per share, translating to a dividend yield of 2.57%. The dividend payout ratio stands at 142.8%.

Insider Buying and Selling at Starbucks Corporation

Officer Brady Brewer completed four stock sales ahead of the rating update. On July 6, 2026, Brewer sold 2,229 shares at $104.00 apiece for a total value of $231,816. Another sale of 2,229 shares took place on August 5, 2026, at $105.99 per share, totaling $236,252. On September 4, 2026, Brewer sold 2,229 shares at $105.60 for $235,382. Finally, on October 5, 2026, Brewer sold 1,641 shares at $94.76 each, bringing in $155,501.

Analysts Set New Price Targets

Wall Street firms have adjusted their stances on Starbucks Corporation through recent weeks. On September 29, 2026, JP Morgan maintained its Overweight rating and moved its target from $112.00 to $105.00. UBS kept a Neutral rating on October 8, 2026, lowering its target from $112.00 to $105.00. DA Davidson maintained a Neutral rating on October 9, 2026, keeping its target flat at $110.00. Citigroup kept a Neutral rating on October 20, 2026, cutting its target from $112.00 to $104.00. Overall, the stock carries a consensus buy rating from 29 analyst opinions, with a mean price target of $110.97.

About Starbucks Corporation

Headquartered in Seattle, Washington, Starbucks Corporation operates as an international roaster, marketer, and retailer of specialty coffee. The company runs three key business segments covering North America, International markets, and Channel Development. Its store footprint offers coffee, tea, and other beverages, along with whole bean coffees, food items such as pastries and sandwiches, and ready-to-drink products.

Bottom Line

Wells Fargo's decision to keep an Overweight rating shows continued backing even as the firm brought its price target down to $120.00. Investors will look toward the upcoming earnings report on October 29, 2026, for further operational updates from the restaurant operator.