Is Starbucks Poised for a Bull Run In 2023?
It has been a wild ride for the leader in coffee since the start of the coronavirus pandemic. From its March 2020 low to an all-time high in July 2021, Starbucks' (NASDAQ: SBUX) stock rose 117%. Then, over the next 11 months, shares dropped 43%. In the past six months, however, the stock has climbed 36%. This roller-coaster ride applies more to a Starbucks' customer's energy levels than the value of a $112 billion enterprise.
What's next on the horizon? Could this popular consumer discretionary stock be ready for a bull run -- that's a 20% gain -- in 2023? Let's take a closer look.
In fiscal 2022 (ended Oct. 2), Starbucks increased revenue 11% to $32.3 billion. This double-digit gain was on top of 23.6% growth in the previous fiscal year, which is quite remarkable. Global same-store sales, or comps, rose 8% on a year-over-year basis. And although adjusted earnings per share of $2.96 were down 7.5%, the figure exceeded what Wall Street was expecting.
Source Fool.com
