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Non-Tech : Starbucks (SBUX) -- Ignore unavailable to you. Want to Upgrade?

To: Paul K who wrote (700)	6/3/1999 1:27:00 PM
From: BenYeung	Read Replies (3) \| Respond to of 1506

JP Morgan just initiated SBUX with MARKET UNDERPERFORM. Related Quotes SBUX 35 15/16 -1 13/16 delayed 20 mins - disclaimer Thursday June 3, 10:03 am Eastern Time RESEARCH ALERT - Starbucks started NEW YORK, June 3 (Reuters) - J.P. Morgan said Thursday it initiated coverage of Starbucks Corp. (Nasdaq:SBUX - news) with a market underperform rating. -- ''Our investment opinion does not stem from any fundamental misgivings about the quality of Starbucks' product, or the soundness of its growth strategy, or the depth and talent of its management team.'' -- ''Rather, we believe Starbucks is an exceptional company whose shares trade at an extraordinary multiple. The key conceptual point, we think, is that there is a huge difference between being and becoming. There are 2,031 Starbucks stores (company operated and licensed) in North America today.'' -- ''While the company's earnings could conceivably compound at an annual rate of around 25 percent during the next five years, our view is that Starbucks is an increasingly mature company trading at a multiple usually accorded younger, faster growing retailers.'' -- Shares were off 1-7/8 at 35-7/8 on Thursday.