Starbucks: Wedbush upgrades stock
(CercleFinance.com) - Wedbush has upgraded its rating on Starbucks sharers to "Outperform" (from "Neutral"), having increased its corresponding target price to 124 dollars (from 108 dollars), believing that there is a high level of visibility in longer-term growth targets.
Seeing potential to raise expectations for the current quarter and year, the broker has increased its EPS estimates for future years to 2.90 dollars (from 2.87 dollars) for 2021, followed by 3.48 dollars (from 3.43 dollars) for 2022 and 3.92 dollars (from 3.83 dollars) for 2023.
Its new target price represents a multiple of 31.5x its 2023 EPS estimate, representing a premium of about 15% over its median five-year pre-Covid multiple, albeit a premium that it considers "appropriate".
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
Seeing potential to raise expectations for the current quarter and year, the broker has increased its EPS estimates for future years to 2.90 dollars (from 2.87 dollars) for 2021, followed by 3.48 dollars (from 3.43 dollars) for 2022 and 3.92 dollars (from 3.83 dollars) for 2023.
Its new target price represents a multiple of 31.5x its 2023 EPS estimate, representing a premium of about 15% over its median five-year pre-Covid multiple, albeit a premium that it considers "appropriate".
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.