So What's Up With Starbucks Today?
Starbucks Corporation (NASDAQ:SBUX) shares are trading lower by 1.7% at $114.15 Wednesday morning after the company reported worse-than-expected second-quarter sales results Tuesday.
Starbucks reported quarterly earnings of 62 cents per share, which beat the analyst consensus estimate of 53 cents. Starbucks reported quarterly sales of $6.70 billion, which missed the analyst consensus estimate of $6.82 billion.
Following the earnings report, Wedbush analyst Nick Setyan maintains Starbucks with an Outperform and raises the price target from $124 to $132.
See also: How to Buy Starbucks Stock
Stephens & Co. analyst James Rutherford maintains Starbucks with an Equal-Weight and raises the price target from $115 to $118.
Starbucks is one of the most widely recognized restaurant brands in the world, operating 32,900 stores across 83 countries as of December 2020. Starbucks primarily generates revenue from company-operated stores, with additional sales coming from royalties, sales of equipment and products to license partners, ready-to-drink beverages, fresh coffee and single-serve coffee products.
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