Why Starbucks Stock Popped on Wednesday
Starbucks (NASDAQ: SBUX) stock gained 3.6% through 10:05 a.m. ET Wednesday morning, despite the company reporting only mixed earnings (an earnings meet and a sales miss) last night.
Wall Street analysts had forecast the restaurant chain would earn $0.93 per share on better than $9.2 billion in sales for fiscal Q3 2024. Starbucks nailed the earnings number, but its sales fell a bit short at only $9.1 billion.
Sales declined 1% year over year, hurt by a 5% decline in "comparable transactions" (which could mean less foot traffic, fewer customer orders placed per visit, or both), which was offset by a 2% increase in the size of orders when customers did order (which may indicate either bigger orders placed or higher prices being charged for the same cup of coffee).
Source Fool.com
Starbucks Corp. Stock
The stock is one of the favorites of our community with 35 Buy predictions and 1 Sell predictions.
As a result the target price of 96 € shows a slightly positive potential of 14.89% compared to the current price of 83.56 € for Starbucks Corp..
