Starbucks Is Down 15% From Its High. Time to Buy?
Leading coffeehouse chain Starbucks (NASDAQ: SBUX) was hurt by the pandemic when it temporarily shuttered its stores across the globe for health and safety reasons. As vaccination rates increased and the world started to open back up, consumer behavior normalized, and the business was back to posting solid growth.
But Starbucks' shares haven't fully recovered. Although they're up 23% over the past six months, they're still down about 15% from their all-time high. Is it time for investors to buy? Grab your favorite caffeinated beverage and continue reading about this top restaurant stock.
In the fiscal 2023 first quarter (ended Jan. 1), Starbucks was able to increase revenue 8.2% year over year to $8.7 billion. Diluted earnings per share (EPS) of $0.74 were up 7.2%. The figures showed strong top- and bottom-line gains, but they slightly missed Wall Street estimates. The stock was under pressure following the news.
Source Fool.com
