Starbucks Corporation SBUX shares are trading higher by 6.96% to $79.50 during Wednesday’s pre-market session. The company reported better-than-expected second-quarter sales during Tuesday’s after-hours session.
Starbucks reported quarterly earnings of 59 cents per share which met the analyst consensus estimate. The company also reported quarterly sales of $7.64 billion which beat the analyst consensus estimate of $7.60 billion.
- Cowen & Co. analyst Andrew Charles maintained Starbucks with an Outperform and lowered the price target from $115 to $94.
- Evercore ISI Group analyst David Palmer upgraded Starbucks from In-Line to Outperform and announced a $95 price target.
- Piper Sandler analyst Nicole Miller Regan maintained Starbucks with a Neutral and lowered the price target from $100 to $80.
- Barclays analyst Jeffrey Bernstein maintained Starbucks with an Overweight and lowered the price target from $108 to $94.
- Citigroup analyst Jon Tower maintained Starbucks with a Neutral and lowered the price target from $91 to $76.
- Credit Suisse analyst Lauren Silberman maintained Starbucks with an Outperform and lowered the price target from $122 to $103.
- RBC Capital analyst Christopher Carril maintained Starbucks with a Sector Perform and lowered the price target from $86 to $85.
- Morgan Stanley analyst John Glass maintained Starbucks with an Equal-Weight and lowered the price target from $94 to $87.
Starbucks is one of the most widely recognized restaurant brands in the world, operating more than 34,300 stores.
According to data from Benzinga Pro, Starbucks has a 52-week high of $126.32 and a 52-week low of $73.38.
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