Shares of Starbucks Corp (NASDAQ:SBUX) spiked on Wednesday, after the coffee franchise reported fiscal second-quarter (Q2) results.
Here are the key analyst insights:
- BTIG analyst Peter Saleh reaffirmed a Buy rating, and raised the price target from $105 to $115.
- TD Cowen analyst Andrew Charles maintained a Hold rating, while lifting the price target from $96 to $106.
- Goldman Sachs analyst Christine Cho reiterated a Neutral rating and raised the price target from $105 to $110.
- DA Davidson analyst Matt Curtis maintained a Neutral rating, while lifting the price target from $97 to $102.
Check out other analyst stock ratings.
BTIG: Starbucks earnings came in higher than expected on the back of better International operating margins. Global same-store sales grew 6.2%, significantly higher than consensus of 4%, Saleh said.
Starbucks saw its best traffic in three years. A 4.4% spike suggests that the company’s turnaround “is very much gaining momentum,” the analyst stated. “Management also noted that trends continued in April, despite recent macro (gas price) headwinds,” he added.
TD Cowen: …