Starbucks Explores Partnerships In China Where Same-Store Sales Are ‘Not Good’: 8 Analysts Provide Q3 Takeaways
Shares of Starbucks Corp (NASDAQ:SBUX) were climbing in early trading on Wednesday, despite the company reporting downbeat fiscal third-quarter sales.
The results came amid an exciting earnings season. Here are some key analyst takeaways.
- Wedbush analyst Nick Setyan reiterated a Neutral rating, while raising the price target from $77 to $80.
- Goldman Sachs analyst Christine Cho maintained a Buy rating and price target of $100.
- BMO Capital Markets analyst Andrew Strelzik reaffirmed an Outperform rating and price target of $100.
- Piper Sandler analyst Brian Mullan reiterated a Neutral rating and price target of $85.
- Stifel analyst Chris O’Cull maintained a Hold rating and price target of $80.
- Oppenheimer analyst Brian Bittner reaffirmed a Perform rating on the stock.
- KeyBanc Capital Markets analyst Eric Gonzalez reiterated a Sector Weight rating on the stock.
- Bank of America analyst Sara Senatore maintained a Buy rating and price target of $112.
Check out other analyst stock ratings.
Wedbush: Starbucks reported its adjusted earnings at 93 cents per share, slightly missing the consensus of 94 cents per share, Setyan said in a note. While U.S. same-store sales (SSS) growth came in-line, International SSS growth missed consensus, with a softer performance in China, he added.
Management reiterated their full-year SSS growth guidance for fiscal 2024, but the visibility for fiscal 2025 “remains limited,” the analyst stated. “We believe SBUX’s current valuation appropriately reflects increasingly limited NT top- and bottom-line visibility, offset by some level of confidence in management’s ability to deliver longer-term annual operating margin expansion and EPS growth in line with the brand’s equity,” he further wrote.
Goldman Sachs: The company’s total revenues of $9.11 billion came in 1% below consensus, …
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