Pacific Crest Initiates Coverage on Starbucks Corp. (SBUX)
Analysts at Pacific Crest assumed coverage on shares of Starbucks Corp. (NASDAQ:SBUX) in a research report issued to clients and investors on Friday, American Banking News reports. The firm set an “outperform” rating and a $88.00 price target on the stock. Pacific Crest’s target price points to a potential upside of 14.02% from the stock’s previous close.
A number of other analysts have also recently weighed in on SBUX. Analysts at Cleveland Research cut their price target on shares of Starbucks Corp. (NASDAQ:SBUX) from $2.72 to $2.66 in a research note to investors on Thursday. Separately, analysts at JPMorgan Chase & Co. raised their price target on shares of Starbucks Corp. (NASDAQ:SBUX) from $74.00 to $80.00 in a research note to investors on Tuesday. They now have an “overweight” rating on the stock. Finally, analysts at Wells Fargo & Co. reiterated a “hold” rating on shares of Starbucks Corp. (NASDAQ:SBUX) in a research note to investors on Friday, September 20th. They now have a $73.00 price target on the stock. Six research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $71.99.
Starbucks Corp. (NASDAQ:SBUX) opened at 77.18 on Friday. Starbucks Corp. has a 52 week low of $44.27 and a 52 week high of $77.84. The stock’s 50-day moving average is $73. and its 200-day moving average is $65.90. The company has a market cap of $57.993 billion and a P/E ratio of 36.95.
Starbucks Corp. (NASDAQ:SBUX) last issued its quarterly earnings data on Thursday, July 25th. The company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.02. The company had revenue of $3.70 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the company posted $0.43 earnings per share. The company’s revenue for the quarter was up 13.2% on a year-over-year basis. Analysts expect that Starbucks Corp. will post $2.23 EPS for the current fiscal year.
In other Starbucks Corp. news, Insider John Culver unloaded 40,100 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $75.30, for a total value of $3,019,530.00. Following the sale, the insider now directly owns 157,241 shares of the company’s stock, valued at approximately $11,840,247. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Starbucks Corporation is a roaster, marketer and retailer of coffee operating in 60 countries. The Company purchases and roasts coffees that it sells, along with handcrafted coffee, tea and other beverages and a variety of fresh food items, through Company-operated stores.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.