RBC Capital Remains Bullish on Starbucks Coffee (SBUX) Following In-Line 2Q Results
RBC Capital reiterated an Outperform rating and $68.00 price target on Starbucks Coffee (NASDAQ: SBUX) following the company's 2Q earnings report. EPS was $0.39, in-line with the Street's estimate. Despite lower sales growth outside the Americas segment, profit growth across the company's major segments was also largely in-line with estimates.
Analyst David Palmer commented, "We are maintaining our EPS estimates and reiterating our $68 price target and Outperform rating following in-line F2Q results. We believe that long-term sustainability of growth is increasing with investments in wages and technology."
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Shares of Starbucks closed at $60.64 yesterday.