Starbucks stock price (SBUX) has soared over 12.47% in the past two sessions initiating a reversal after the quarterly results. The daily chart witnessed the formation of a declining channel pattern in the last two quarters.
Moreover, the recent quarterly results wiped out all the uncertainties among the investors and the price showed a gap up opening of 10.56% after the results. The disclosure of quarterly results has shifted the trend in the favor of buyers.
Starbucks Quarterly Earning Analysis, Dividends Announcement
Starbucks Corp. reported third quarterly earnings on Thursday, 2nd November which outperformed the estimates of analysts. The company reported a revenue of $9.29 Billion with a surprise of $83.67 Million. The earnings outperformed the estimates by 9.03%. The reported earnings stood at $1.06 per share against the analysts’ estimate of $0.972 per share.
Moreover, the company has announced a dividend of $0.57 per share. The investors who have held the shares of Starbucks till 9th November will get the benefit of the dividends. However, the payment date has been decided as Friday, 24th November.
Starbucks Stock Price Prediction 2023
SBUX stock price currently trades at $102.65 with a gain of over 12% in the last two intraday sessions. The short-term outlook has shifted to bullish after the recent price surge.
However, the short-term gain may trigger some sell-off. However, the trend has turned optimistic which may add more buying volume if it takes any pullback and the price might continue to show gains in the coming sessions.
The price forecast as per the analysts elaborates that it could reach $115 by the end of this year.
Starbucks Stock Price Prediction 2024
Analysts offering yearly price forecasts for Starbucks stock have a wide range of expectations. The optimistic outlook of the analysts hoped for a 24% upside potential that could take the price to a high of $128.
The average analyst expects a price target of $112.21. However, the most pessimistic price target of analysts expects a drawdown of 2.58% that could take the price to a low of $100.
Conclusion
Starbucks stock price rose over 12% after a strong quarterly result that outperformed the analysts’ estimates. The company reported a revenue of $9.29 Billion and earnings of $1.06 per share. The company also announced a dividend of $0.57 per share.
The price forecast for 2023 is optimistic, with an average target of $112.21 and a high of $128. The price may face some sell-off in the short term, however, the trend is positive.
Technical Levels
- Support Levels: $96.22 and $90.23
- Resistance Levels: $103.5 and $109.7
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/11/04/starbucks-stock-price-prediction-will-sbux-sustain-above-100/