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Starbucks Q2 2024 Earnings Preview: Analysts Expect Consecutive Reduction in Same-Store Sales

By Don Francis, Editor
April 4, 2024 5:13 AM UTC
Starbucks Q2 2024 Earnings Preview: Analysts Expect Consecutive Reduction in Same-Store Sales

TD Cowen's Agnes Lim lowered their price target on Starbucks (NASDAQ: SBUX) by 2% from $102 to $100 on April 1, 2024. The analyst maintained their Hold rating on the stock.

Previewing Starbucks' Q2 2024 earnings, expected to be reported on April 30, 2024, Lim said although the quarter will likely be occasion for management's 3rd consecutive reduction in FY 2024 same-store sales, there isn't a buying opportunity ahead of results.

According to data from WallStreetZen, 41.7% of top-rated analysts currently rate SBUX as a Strong Buy or Buy, while 58.3% see it as a Hold. No analysts either recommend or strongly recommend selling the stock.

The consensus forecast among analysts is that SBUX's upcoming year will deliver earnings per share (EPS) of $3.96. If the analysts are right, SBUX's next yearly EPS will be up by 5.4% on a year-over-year basis.

However, year-over-year, the stock is down 14.8%. During that period, SBUX is trailing the S&P 500, which is down 26.4%.

Agnes Lim, the TD Cowen analyst who revised the price target, is ranked in the bottom 28% out of 4,532 Wall Street analysts according to WallStreetZen. Lim has an average return of -1.5% and a 16.7% win rate. They specialize in the Consumer Cyclical sector.

Starbucks Corporation, founded in 1971 and based in Seattle, Washington, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates through three segments: North America, International, and Channel Development. Its stores offer coffee and tea beverages, roasted whole beans and ground coffees, single-serve products, and ready-to-drink beverages. Additionally, Starbucks provides various food products, such as pastries, breakfast sandwiches, and lunch items. The company also licenses its trademarks through licensed stores, grocery, and food service accounts. Starbucks offers its products under various brands, including Starbucks, Teavana, Seattle's Best Coffee, Evolution Fresh, Ethos, Starbucks Reserve, and Princi. As of October 3, 2021, the company operated 16,826 company-operated and licensed stores in North America and 17,007 company-operated and licensed stores internationally.

What are the top analysts forecasting for SBUX?

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