Bean there, done that; Starbucks raises the bar again

• Morgan Stanley (overweight, PT: $115) says Starbucks' strong EPS beat was aided by one-off tariff refunds, leaving questions around the sustainability of earnings improvement.
• TD Cowen (buy, PT: $120) says SBUX exceeded expectations on North America same-store sales and delivered an adjusted earnings beat, helped by tariff refunds and strong performance across its business segments.
• Jefferies (hold, PT: $101) says international same-store sales topped expectations, led by strength in Japan and the UK, while broader international demand appeared solid and China remained relatively softer.
• Morningstar (Fair Value: $86) says broader economic uncertainty has not derailed SBUX's turnaround, adding that the company's investments in service, menu offerings, marketing, and store upgrades are strengthening customer engagement and rebuilding the brand.

Starbucks has raised its annual sales and profit forecasts for the second time, as CEO Brian Niccol's years-long turnaround efforts reignite demand at the world's largest coffee chain.

Shares of SBUX rose nearly 4% to $108.50 in premarket trading.