CFRA Keeps Hold Opinion On Shares Of Starbucks Corporation

/ / Consumer Discretionary /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We trim our 12-month target price to $107 from $110, 26.4x our FY 24 (Sep.) EPS, a discount to SBUX’s five-year average forward P/E of 31.2x. We raise our FY 24 EPS to $4.06 from $4.00 and we initiate FY 25 at $4.63. SBUX posted FQ4 (Sep.) EPS of $1.06, $0.09 above consensus. Revenue of $9,374M (+11.4% Y/Y) was $93M above consensus. Operating income grew 34.1% Y/Y to $1,707M, with margin expanding 310 bps Y/Y to 18.2% vs. the 17.3% consensus. SBUX exceeded expectations, with comp sales up 8% vs. the 7% consensus, on top of transaction growth across all major regions, including China. Despite SBUX’s clean beat, FY 24 EPS guidance was left unchanged and FY 24 comp sales guidance was revised down (mid-point at +6% […]

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Apple Reports Fourth Quarter Results

/ / Technology /

Apple reports fourth quarter results iPhone revenue sets September quarter record Services revenue reaches new all-time high CUPERTINO, Calif.—-November 02, 2023– Apple(R) today announced financial results for its fiscal 2023 fourth quarter ended September 30, 2023. The Company posted quarterly revenue of $89.5 billion, down 1 percent year over year, and quarterly earnings per diluted share of $1.46, up 13 percent year over year. “Today Apple is pleased to report a September quarter revenue record for iPhone and an all-time revenue record in Services,” said Tim Cook, Apple’s CEO. “We now have our strongest lineup of products ever heading into the holiday season, including the iPhone 15 lineup and our first carbon neutral Apple Watch models, a major milestone in our efforts to make all Apple products carbon neutral by 2030.” “Our active installed base of devices has again reached a new all-time high across all products and all geographic

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Starbucks Details Growth Targets

/ / Consumer Discretionary /

Starbucks says in an investor update that it aims to grow to 20,000 US stores in the long term, up from about 16,350 today. The coffee chain reaffirmed previous targets to grow to 55,000 global stores by 2030. It aims to build more stores for specific means of ordering, such as delivery or pickup. The chain says it also aims to find $3 billion in cost savings, with $2 billion of it coming in its supply chain. Starbucks closed up 9.5% after it reported 4Q earnings this morning that exceeded expectations.

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CFRA Maintains Buy Opinion On Shares Of Apple Inc.

/ / Technology /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: AAPL posted Sep-Q EPS of $1.46 vs. $1.29, beating the $1.39 consensus. Sales fell 1%, near expectations, with iPhone growth of 3%, which matched our forecast. We believe the biggest negative from the results was the 2% Y/Y decline in China, worse than we expected, as we look for greater clarity about AAPL’s outlook for the region in the Dec-Q, given concerns about increasing competitive pressures in the region. That said, growth of 16% from AAPL’s higher margin Services business was a bright spot (beating our 10% growth forecast), an acceleration from the 8% pace in Jun-Q and 5% in Mar-Q. This supported a wider-than-projected gross margin of 45.2% vs. 42.3% a year earlier (we were looking for 44.5%). We note that Macs plunged a worse-than-expected 34%

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Estee Lauder’s Worsening Performance in Mainland China Seen as Additional Concern

/ / Consumer Discretionary /

Estee Lauder’s guidance cut for the year proves demand trends have worsened sequentially in Mainland China, and not only at the Asian country’s travel retail destinations, JPMorgan analysts say in a research note. The key to the cosmetics company’s recovery will be to clear excess inventory in both travel retail and at department stores in Mainland China, and the elimination of discounts to eliminate daigous, also known as personal shoppers. JPMorgan cuts its target price to $$118 from $173.

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Starbucks Wants to Have 55,000 Stores by 2030 — and Expects to Pay Its Workers More Long Before Then

/ / Consumer Discretionary /

‘To be clear, Starbucks has not saturated the U.S. market,’ executive says Starbucks’ abundance of stores stopped being a punchline years ago. But the coffee chain on Thursday said there was, somehow, still room for even more of them. Starbucks Corp. (SBUX) on Thursday said it wants to have 55,000 stores around the world by 2030, with plans to open new kinds of stores in the U.S. dedicated to pick-up and drive-through. The chain currently has a little more than 38,000 stores globally. Those plans were announced as part of a broader initiative for the years ahead that included targets for $3 billion in savings, another 75 million rewards members and a bump in worker hours, wages and other incentives. More Starbucks customers are doing more business via its app — for cold beverages, food and to-go orders. But the company has faced questions about demand, amid higher prices for

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CFRA Maintains Hold Opinion On Shares Of Qualcomm Incorporated

/ / Technology /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We up our 12-month target price to $132 from $125 on P/E of 13x our CY 25 EPS view of $10.27, below historical/peers to reflect tough end-market conditions. We keep our FY 24 (Sep.) EPS at $9.45 and start FY 25 at $10.16. QCOM posts Sep-Q EPS of $2.02 vs. $3.13, beating the $1.91 consensus. Sales fell 24%, slightly worse than expected, with declines of 12% from licensing (QTL) and 26% within its chip manufacturing business (QCT). While we are encouraged by the better than feared results/Dec-Q guide, we think this heavily reflects seasonality/Android ecosystem rebound as QCOM is no longer undershipping demand given more normalized channel inventories. Still, we are wary of upside as handset end-demand (-27% in Sep-Q; 74% of QCT revenue) is likely to

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CFRA Maintains Hold Opinion On Shares Of Doordash, Inc.

/ / Technology /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We keep our 12-month target at $100, shifting to our P/E analysis and based on a ratio of 31x our ’25 EPS view, which we start at $3.23, above peers to reflect financial strength (net cash of $3.8B) and higher growth. We raise our ’23 EPS estimate to $1.77 from $1.38 and ’24 to $2.41 from $2.01. DASH posts Q3 adjusted EBITDA of $344M vs. $87M, well above the $255M consensus. Sales rose 27%, exceeding expectations, largely on a 24% increase in Marketplace GOV and greater contribution in advertising. We are impressed by accelerating growth across almost all businesses amid macro uncertainty, which we think is a testament of the stickiness of its ecosystem. We remain optimistic about Wolt international expansion, adjacent market expansion (e.g., groceries doubled

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