Benzinga | Nov 1, 2021 10:19AM EDT

Why Starbucks Shares Are Rising

Starbucks Corporation (NASDAQ:SBUX) shares are trading higher after Stephens & Co. upgraded the stock from Equal-Weight to Overweight and raised its price target from $118 to $130.

Starbucks reported quarterly earnings last Thursday of $1.00 per share which beat the analyst consensus estimate of 99 cents per share. Starbucks also reported quarterly sales of $8.15 billion which missed the analyst consensus estimate of $8.21 billion by 0.77 percent. This is a 31% increase over sales of $6.20 billion the same period last year.

Starbucks is one of the most widely recognized restaurant brands in the world, operating 33,300 stores across 83 countries as of June 2021. The firm operates in three segments: the Americas, international markets and through retail channels via channel development.

Starbucks has a 52-week high of $126.32 and a 52-week low of $85.45.