Starbucks Earnings May Not Show the Recovery Taking Place -- Barrons.com
Starbucks Earnings May Not Show the Recovery Taking Place -- Barrons.com
DJ Starbucks Earnings May Not Show the Recovery Taking Place -- Barrons.com
DJ星巴克收益可能不會顯示覆蘇--Barrons.com
By Teresa Rivas
特蕾莎·裏瓦斯(Teresa Rivas)著
Starbucks will report fiscal first-quarter earnings next Tuesday afternoon, and MKM Partners notes that recent trends have probably improved for the cafe and coffee giant. Yet that doesn't mean the stock is a buy.
星巴克將於下週二下午公佈第一財季收益，MKM Partners指出，這家咖啡館和咖啡巨頭最近的趨勢可能有所改善。然而，這並不意味着這隻股票是買入的。
Analyst Brett Levy reiterated a Neutral rating on Starbucks (ticker: SBUX) stock and $104 price target on Thursday. He writes that while restaurant peers' results have been volatile in recent weeks, he thinks that after a slow start, the picture probably brightened later in the quarter. "Starbucks' early recovery plans are playing out," Levy adds.
分析師佈雷特·利維(Brett Levy)週四重申了對星巴克(股票代碼：SBUX)股票和104美元目標價的中性評級。他寫道，雖然最近幾周餐飲同行的業績一直不穩定，但他認為，在經歷了緩慢的開局後，本季度晚些時候的前景可能會有所好轉。“星巴克的早期恢復計劃正在進行，”利維補充道。
That said, investors shouldn't get their hopes up too much, he warns. Starbucks is still expected to post same-store sale declines in the mid-single-digit range for the quarter, and while both the U.S. and China made progress throughout 2020, management warned in December that the U.S. was lagging late in the year. Levy thinks some of this weakness can be overcome by Starbucks' robust margins, but ultimately he thinks earnings per share will come in at 54 cents -- two cents shy of the consensus estimate.
他警告説，儘管如此，投資者不應抱太大希望。預計星巴克本季度的同店銷售額仍將下降至個位數的中位數，儘管美國和中國在整個2020年都取得了進展，但星巴克管理層在去年12月警告稱，美國在今年晚些時候落後。利維認為，星巴克強勁的利潤率可以部分克服這一弱點，但他最終認為每股收益將達到54美分，比普遍預期低2美分。
Along with top- and bottom-line results, he thinks investors will be focusing on margins, as well as any ongoing benefits Starbucks is seeing from its investment in logistics. "The portfolio's long-term transformative moves are helping the company adapt to the critical factors needed to address the consumers' changing needs," Levy writes, meaning that any updates to global development targets would also be welcome of evidence that it's rightsizing the business and building a stronger base.
除了營收和營收，他認為投資者將關注利潤率，以及星巴克在物流投資中看到的任何持續好處。利維寫道：“該投資組合的長期變革性舉措正在幫助公司適應滿足消費者不斷變化的需求所需的關鍵因素。”這意味着，全球發展目標的任何更新都將受到歡迎，因為有證據表明，該公司正在調整業務規模，建立更強大的基礎。
Ultimately, however, while he believes in the company's long-term direction, he remains sidelined on Starbucks stock, given that its recent outperformance leaves the shares fully valued in his opinion.
然而，儘管他相信星巴克的長期發展方向，但他仍然對星巴克的股票持觀望態度，因為在他看來，星巴克最近的優異表現讓星巴克的股票得到了充分的估值。
Starbucks stock is roughly flat in Thursday morning trading at $105.47.
週四早盤，星巴克股價大致持平於105.47美元。
Shares are down 1.4% since the start of the year, but have climbed 12.5% in the latest 12 months, easily surpassing their pre-pandemic levels, and rallying in the past few months, as investors anticipate stronger growth when the economy fully reopens.
自今年年初以來，股價下跌了1.4%，但在最近12個月裏上漲了12.5%，輕鬆超過疫情爆發前的水平，並在過去幾個月出現反彈，因為投資者預計，當經濟完全重新開放時，經濟將出現更強勁的增長。
Other analyst are more bullish on the stock, and Barron's noted late last year that Starbucks can still deliver growth.
其他分析師則更看好星巴克的股票，Barron‘s去年年底指出，星巴克仍能實現增長。
Write to Teresa Rivas at teresa.rivas@barrons.com
寫信給Teresa Rivas，電子郵件：teresa.rivas@Barrons.com
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January 21, 2021 09:55 ET (14:55 GMT)
2021年1月21日09：55美國東部時間(格林尼治標準時間14：55)
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