SBUX

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China JV at $4B Valuation + Rewards Relaunch → Stock +18% YTD on Turnaround Path

Starbucks and Boyu Capital announced a China joint venture where Boyu acquires up to 60% interest at a $4 billion enterprise value, reducing Starbucks' China risk while retaining 40% upside in the world's second-largest economy. The revamped Starbucks Rewards launched March 10 with a three-tier system for 35.5 million U.S. members, featuring faster Star-earning and never-expiring Stars for premium tiers. Shares are up 18% in 2026 at $99.15 with 17 analysts rating Buy, but 4 analysts remain skeptical as the turnaround path to $3.35-$4.00 non-GAAP EPS by 2028 involves significant execution risk.

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