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New Highs For Starbucks

ByFrank Kollar
Published 04/28/2013, 01:16 AM
Updated 07/09/2023, 06:31 AM
SBUX
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Shares of Starbucks Corp. (SBUX) are at new highs, and we expect them to rise even further in coming weeks.

Starbucks Corp's fiscal second-quarter earnings climbed 26% as the coffee giant recorded sales growth in the Americas and Asia.

The company also raised its full-year earnings guidance to $2.12 to $2.18 a share, from its prior view of $2.06 to $2.15 a share. It reaffirmed its full-year revenue outlook.

Starbucks Corp. manufactures and sells coffee and tea. The company purchases and roasts whole bean coffees which it sells, along with handcrafted coffee and tea beverages and a variety of fresh food items, through company-operated stores. It also sells coffee and tea products.

SBUX

Starbucks is right at its prior April 2012 highs and has closed above those prior closing highs.

We are looking for the stock to reach $79.00 a share in coming weeks or months. After breaking out to new highs, SBUX should continue to climb to its 132% retracement level, which is at $79.00, before a serious correction occurs.

Disclosure: Author does not have a position at this time in Starbucks Corp.

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