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HomeBusinessStill No Upside for Starbucks Shares

Still No Upside for Starbucks Shares


Oppenheimer analysts reiterated its Perform rating on Starbucks (NASDAQ:SBUX), but noted they are constantly searching for an opportunity to reinstate a bullish stance. After another exhaustive modeling analysis, they are unable to identify the upside to Street’s 2023/2024 EPS – a catalyst they require.
According to the analysts, management’s 2023 EPS guidance requires over 20% growth in H2/23, compared to a 6% growth in H1/23. This H2 acceleration is anticipated as China’s recovery unfolds and the Americas segment sustains double-digit EBIT growth. The consensus then assumes fiscal 2024 EPS grows by over 20%. However, the analysts still remain below consensus in 2023 and 2024. They tweak the 2023 EPS estimate to $3.37 from $3.39 and maintain their $4.00 estimate for 2024 (vs. Street’s $3.39/$4.07).

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