Starbucks Coffee (SBUX): Mobile Adoption Rocketing - Mizuho
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Mizuho Securities analyst, Jeremy Scott, reiterated his Buy rating on shares of Starbucks (NASDAQ: SBUX) after performing channel checks through out June which pointed to "substantial growth in mobile order adoption, approaching 25% of rush hour transactions, and with orders arriving at more than double the rate per minute versus last year".
The company has rolled out a number of logistics enhancements over the past three months, including designated pick-up boxes, and in its busiest stores, order management tablets and new labor configurations. While the company is still in the early innings of this transition period, the analyst believes a core transaction comp upcycle is coming.
No change to the price target of $75.
Shares of Starbucks closed at $57.94 yesterday.
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