Starbucks Corp (NASDAQ:SBUX) shares are trading flat during Monday’s session after Wedbush analyst Nick Setyan maintained the stock with a Neutral and raised the price target from $100 to $106.
Starbucks shares are otherwise higher by some 10% over the trailing week after the company reported better-than-expected fourth-quarter financial results and comparable sales growth. The stock also gained Friday after the company unveiled a new strategy plan.
Additionally, per a Monday report by Reuters, starting on January 1 eligible hourly retail employees at Starbucks in the United States will receive a minimum 3% pay increase, and tenured employees meeting certain criteria will receive additional differentiated pay.
See Also: Starbucks CEO Wants To Focus On Growing Profits, Unveils Strategy
What Happened With Earnings?
Starbucks beat expectations with its fourth-quarter FY23 results, reporting a 11.4% YoY sales growth at $9.37 billion. Comparable store sales were strong, up 8% globally and 8% in North America, with revenue in North America rising 12.5% to $6.9 billion.
International revenue also grew by 11.4% to $1.98 billion, and adjusted EPS came in at $1.06, surpassing the consensus estimate of 97 cents…Read More
According to data from Benzinga Pro, SBUX has a 52-week high of $115.48 and a 52-week low of $89.21.
