Guggenheim Maintains Neutral Rating on Starbucks Corporation (SBUX) Despite Updated Projections

Group 1: Company Performance - Starbucks Corporation reported a 4% increase in global comparable store sales, driven by a 3% rise in transactions and a 1% increase in average ticket size [2] - The company's consolidated net revenue rose by 6% year-over-year to $9.9 billion, while GAAP operating margin decreased to 9.0% due to labor costs and inflation [3] - Starbucks added 128 net new stores, bringing the total to 41,118, with 48% being licensed and 52% company-operated [2] Group 2: Future Projections - Guggenheim adjusted its price target for Starbucks from $90 to $95 while maintaining a Neutral rating, and lowered FY26, FY27, and FY28 EPS projections by $0.05 each [1] - Starbucks anticipates opening 600–650 additional sites globally and expects a 3%+ rise in comparable store sales globally, along with a slight improvement in non-GAAP operating margin [3] - The company projects non-GAAP EPS to be in the range of $2.15–$2.40 for fiscal 2026 [3]