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Although checks indicate that Starbucks Corporation’s (NASDAQ: SBUX) US comp growth in FQ4 is tracking slightly below expectations, the company is likely to achieve mid-to-high teens annual EPS growth, Wedbush’s Nick Setyan said in a report. He maintained an Outperform rating on the company, while reducing the price target from $70 to $65.
“Expect Americas comp momentum, accelerating CAP unit growth, a successful EMEA turnaround, and multiple CPG and emerging market opportunities to result in consistent mid-to-high teens annual EPS growth,” analyst Setyan mentioned.
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Best Comp Growth
Recent checks indicate that Starbucks’ US comp growth in FQ4 may come in around 4 percent, as compared to the consensus estimate of 5 percent. Setyan noted, however, that despite the expected deceleration from the company’s solid trend-line of above 5 percent comp growth, the comp trajectory for the year remained among the best in the restaurants space.
“Given continued benefits from mobile order and pay, food, beverage innovation, pricing, delivery, and loyalty and mobile adoption initiatives, we expect mid-single-digit Americas comp growth to remain. We continue to view mobile order and pay in particular as a potential game changer as adoption increases,” the analyst wrote. He added that the company’s market share growth was outperforming peers.
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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.