starbucks

Starbucks

(SBUX)

NASDAQ

Recommendation:

Buy

Share Price:

USD

Market Cap:

$

Starbucks: Hot Coffee

5 October 2022

We initiate coverage of Starbucks with a hold rating. The Seattle-born Starbucks is a globally known coffee chain with +33,000 stores worldwide. Starbucks has come under pressure from i) unionisation efforts ii) China’s extended COVID shut-down iii) shifting consumer tastes. Same-store sales in China declined ~43% in Q3 ‘22, whilst intl. same-store sales decreased 18%.

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