On July 30, Starbucks rose 3.8% in regular trading, trading at $106.435/share, with turnover of $571 million. The stock surged following the release of fiscal Q3 results that comprehensively exceeded Wall Street expectations, prompting the company to raise its full-year outlook.

Starbucks reported adjusted EPS of $0.85, beating the consensus estimate of $0.66 by nearly 29% and representing a 70% year-over-year increase. Revenue came in at $9.32 billion versus the $9.16 billion expected. North America comparable store sales grew 7.9%, far surpassing the anticipated 5.73%, marking the fourth consecutive quarter of positive growth. The company raised its full-year adjusted EPS guidance to $2.55-$2.65 from the prior $2.25-$2.45 range, well above the analyst consensus of $2.40. Global and U.S. comp sales targets were lifted to approximately 6% and above 6%, respectively.

Following the results, multiple investment banks raised their price targets, including Deutsche Bank to $126, Morgan Stanley to $115, Evercore ISI to $120, and RBC to $115, reflecting renewed confidence in CEO Brian Niccol's turnaround strategy. The company also noted that coffee commodity cost pressures are expected to ease this quarter and full-year capital expenditure will be lower than the prior fiscal year.

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