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Shares of Starbucks rose to all-time highs after the global coffee company reported strong quarterly financial results and boosted its outlook for the rest of the year.

Starbucks stock (ticker: SBUX) was up 7% to $97.36 near midday in New York. An earlier high of $97.93 marked a record for the shares, which had risen 41% in 2019 through Thursday’s close.

Earnings, revenue, and global same-store sales all beat Wall Street’s expectations. The company lifted its year-end targets for all three numbers Thursday evening.

One interesting highlight: Management said that in the Americas, where same-store sales rose 7% during the quarter, cold drinks were a standout. Anyone who has spent time outside in New York City in recent weeks will understand why.

“Even at our global scale, Starbucks’ long-term growth potential remains compelling, underpinned by the strength of one of the world’s most beloved consumer brands, our focus on innovation and our disciplined execution,” CFO Patrick Grismer said on a conference call Thursday evening.

It’s remarkable to see the degree to which investors have changed their viewpoints on a company of this size. Not long ago, concerns were widespread that U.S. growth was going to be too difficult to sustain. Signs of weakness in China were another worry.

Yet the shares have nearly doubled over the last 12 months, indicating plenty of support for management’s efforts. “We think [the] results allayed many long-standing concerns across Starbucks’ business,” Wells Fargo analyst Bonnie Herzog wrote Thursday.

“The combination of improved digital execution, beverage innovation, sizable general and administrative savings initiatives, and valuation support from $25 billion in dividends and share repurchases has driven an impressive turnaround,” KeyBanc Capital Markets analyst Eric Gonzalez wrote on Thursday. He has an Overweight rating on the stock.

Gonzalez boosted his price target from $84 to $105, above the average of near $94 among analysts tracked by FactSet. It is among the higher figures on Wall Street, even after analysts broadly raised their calls in the wake of Thursday’s report.

The shares are trading at 32 times expected earnings over the next 12 months, near 5-year highs by that measure, which has contributed to concerns about the stock’s valuation.

“With an expectation that same-store sales will slow down with more normalized comparisons, we see limited upside to the current premium multiple Starbucks shares are trading at,” Guggenheim’s Matthew DiFrisco wrote. He has a Neutral rating on the stock.

Email David Marino-Nachison at david.marino-nachison@barrons.com. Follow him at @marinonachison and follow Barron’s Next at @barronsnext.