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Meetings with Starbucks Corporation (NASDAQ: SBUX) management increase confidence in the company returning to 5 percent comp growth in the Americas in 4Q, RBC Capital Markets’ David Palmer said in a report. He maintained an Outperform rating on the company, with a price target of $68.
Improving Execution To Drive Comp Growth
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Analyst David Palmer mentioned that meetings with management highlighted three factors that had resulted in Starbucks achieving only 4 percent SSS in the Americas in F3Q. These are:
- A slowdown in the My Starbucks Rewards adoption rate and mobile usage growth, with consumers getting acclimated to the new app
- Increased consumer uncertainty
- A mis-execution of the Frappuccino happy hour
Management noted that of the three factors, only macro uncertainty was beyond its control. Palmer expects the negative effects from the new Rewards app to continue to fade, while other digital marketing efforts would likely bolster sales. He added, “In short, the company sounded confident that with improved execution it would hit its 5% target for F4Q.”
Expectations For 2017
The EPS estimate for 2017 has been reduced from $2.20 to $2.15. The analyst cited the reason for the lowered estimate as being “more conservative as the company continues to make partner wage investments and laps a 53-week year (2pp headwind).” He forecasted 8 percent revenue growth and 13 percent EBIT growth.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.