New Highs For Starbucks
Frank Kollar | Apr 28, 2013 01:16AM ET
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.
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.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.