What's Going On With Starbucks Stock?

Starbucks Corp SBUX shares are cooling off Wednesday. The company reported mixed fiscal third-quarter financial results and multiple analysts are out with updates on the stock.

• Q2 Revenue: $9.17 billion missed estimates of $9.29 billion
• Q2 EPS: $1 beat estimates of 95 cents

Revenues were up 12% year-over-year. Comparable store sales climbed 10% globally. Comps were up 7% in the U.S. and up 24% internationally. 

Starbucks rewards loyalty program 90-day active members in the U.S. increased 15% year-over-year to 31.4 million. Members grew to nearly 75 million globally. The company said it opened 588 new stores in the quarter, bringing total locations up to 37,222 globally. 

"Our strong third quarter results point to all-around momentum in the business, and reflect the significant progress we are making against our Reinvention Plan. Our results were also amplified by the distinctive competitive advantages that set us apart in the market," said Laxman Narasimhan, CEO of Starbucks.

On a conference call following the print, Narasimhan said the company is revamping its approach to accelerate digital innovation efforts, including order, payment and delivery enhancements.

The company increased its full-year 2023 earnings growth expectations to 16% to 17% and reaffirmed full-year guidance on all other measures.

Check This Out: Starbucks Q3 Earnings Highlights: Revenue Beats Estimates And Hits Record, China Sales Bounce Back And More

Analyst Assessment:

• Stephens & Co. analyst Joshua Long reiterated Starbucks with an Equal-Weight and maintained a $110 price target.
• TD Cowen analyst Agnes Lim reiterated Starbucks with an Outperform and maintained a $117 price target.
• Wedbush analyst Nick Setyan maintained Starbucks with a Neutral and lowered the price target from $112 to $105.
• Barclays analyst Jeffrey Bernstein maintained Starbucks with an Overweight and lowered the price target from $127 to $123.

SBUX Price Action: Starbucks shares were down 1.09% at $100.16 at the time of publication, according to Benzinga Pro.

Photo: JerryUnderscore from Pixabay.