In a report released today, Brian Bittner from Oppenheimer maintained a Buy rating on Starbucks Corp (NASDAQ: SBUX), with a price target of $61. The company’s shares opened today at $55.82.
Bittner noted:
“SBUX announced Pat Grismer will become CFO in November. We know him well through his time as YUM’s CFO (2012 through early-16). During the latter part of this period the company’s China business underperformed and led to activist involvement and a spin-off of the China operations. His time at Hyatt over the last two years appears healthy as he helped shaped the company’s successful growth strategies, capital structure and accelerated capital returns. Day will importantly be his first event as CFO, which could be his chance to influence any change to financial targets.”
According to TipRanks.com, Bittner is a 5-star analyst with an average return of 11.4% and a 68.8% success rate. Bittner covers the Services sector, focusing on stocks such as Restaurant Brands International, Jack In The Box Inc, and Cheesecake Factory.
Currently, the analyst consensus on Starbucks Corp is a Moderate Buy with an average price target of $56.56, representing a 1.3% upside. In a report issued on October 4, KeyBanc also initiated coverage with a Buy rating on the stock with a $65 price target.
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Starbucks Corp’s market cap is currently $76.18B and has a P/E ratio of 17.48. The company has a Price to Book ratio of 19.09.
Based on the recent corporate insider activity of 45 insiders, corporate insider sentiment is negative on the stock. Last month, Myron E. Ullman, a Director at SBUX sold 99,166 shares for a total of $5,458,938.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Starbucks Corp. engages in the provision of premier roaster, marketer, and retailer of specialty coffee. It operates through the following segments: Americas; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA); and Channel Development.
