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Oct. 11, 2021, 9:19 a.m. EDT

Starbucks could continue to grow in China for a long time

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By Tonya Garcia

Starbucks Corp. /zigman2/quotes/207508890/composite SBUX +3.21% was upgraded to buy from hold at Deutsche Bank, with analysts anticipating growth in China for a long time to come. Analysts maintained their $127 price target. Deutsche Bank initiated Starbucks coverage last month. Analysts also expect Starbucks to return "a ~low to mid-teens percent of its equity market cap" in dividends and share buybacks over the next three years. On the third-quarter earnings call, Chief Executive Kevin Johnson said the company had reached more than 5,100 locations in China, and revenue grew 45% year-over-year. "These are still early days," Johnson said, according to a FactSet transcript. Starbucks stock is up 4% for the year to date while the S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.49% has gained nearly 17% for the period.

/zigman2/quotes/207508890/composite
US : U.S.: Nasdaq
$ 113.16
+3.52 +3.21%
Volume: 1.12M
Dec. 1, 2021 10:12a
P/E Ratio
31.84
Dividend Yield
1.74%
Market Cap
$129.91 billion
Rev. per Employee
$75,872
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/zigman2/quotes/210599714/realtime
US : S&P US
4,635.08
+68.08 +1.49%
Volume: 477.24M
Dec. 1, 2021 10:12a
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