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Benzinga
Benzinga
Business
Shivani Kumaresan

Read Why BTIG Slashed Starbucks Price Target By 15%

  • BTIG analyst Peter Saleh reduced the price target on Starbucks Corp (NASDAQ:SBUX) to $110 from $130 and kept a buy rating on the shares. The revised price target implies a 37% upside.
  • The analyst also cut his FY22 and FY23 earnings estimates after factoring in the uncertainty of unionization, the high probability of wage and benefit investment, and share repurchase suspension.
  • RelatedStarbucks Suspends Buyback To Focus On Investing In Operations; Schultz Takes Helm
  • Saleh remains optimistic about the company's continued sales recovery, unit development momentum, and long-term sales potential.
  • Starbucks workers started off a union campaign, voting in several places for unionization, upending decades of union-free labor at the company's corporate-owned stores.
  • Also ReadStarbucks Plans Better Benefits For Some Workers In Bid To Discourage Unionization
  • Price Action: SBUX shares are trading lower by 0.28% at $80.99 on the last check Wednesday.
  • Photo Via Wikimedia Commons
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