U.S. Stock Market Update | Third-quarter earnings in line with expectations, Starbucks up more than 4%
American coffee chain giant Starbucks released its financial data for the third quarter, with a 1% year-on-year decrease in net sales, below market expectations. However, earnings per share met expectations, leading to a more than 4% increase in stock price. Analysts from Morgan Stanley and Evercore gave the stock a buy rating and maintained their target price
According to Zhitong Finance, on Wednesday, Starbucks (SBUX.US) stock price rose, with the stock up over 4% to $79.14 at the time of publication. The company's net sales in the third quarter decreased by 1% year-on-year to $9.11 billion, lower than the expected $9.24 billion. Net profit attributable to the company was $1.05 billion, lower than the $1.14 billion in the same period last year. Diluted earnings per share decreased by 6% year-on-year to $0.93 per share, in line with expectations.
Morgan Stanley analyst Brian Harbour maintained his "buy" rating and a target price of $98. Evercore analyst David Palmer also maintained a "buy" rating on the stock with a target price of $80