Starbucks Corp announced earlier this week a tie-up with UberEats in order to deliver coffee and food in Tokyo, starting today. The move comes at a time, when the coffee chain seeks to bolster sales in Japan and as it faces fierce competition in other key markets such as China and the United States.
Starbucks shares closed higher for a sixth consecutive trading session on NASDAQ on Thursday. The stock went up 0.82% ($0.56) to $68.72, after touching an intraday high at $68.98 and also a fresh all-time high.
Shares of Starbucks Corporation have risen 19.66% so far in 2018 compared with a 4.98% gain for the benchmark index, S&P 500 (SPX).
In 2017, Starbucks Corp’s stock rose 3.44%, thus, it underperformed the S&P 500, which registered a 19.42% return.
The coffee chain said it intended to open 100 new stores per year in Japan so that it could operate a total of 1 700 outlets by the end of 2021.
Starbucks also said that the delivery program with UberEats would be offered at three outlets in Tokyo – 1 in Roppongi and 2 in Shinjuku.
As part of the partnership, Starbucks Japan will start operating the Mobile Order and Pay programme in 2019, which will enable clients to order and pay from a mobile device, while their order can be picked up at stores.
The company also plans to introduce its Starbucks Reserve Roastery concept in Tokyo on February 28th 2019, which will become its fifth location internationally.
“The strength of our brand in Japan, the momentum in our business, and the spirit of our partners who proudly wear the green apron give me great confidence in our ability to elevate the customer experience and drive growth to continue to build our brand,” Kevin Johnson, Starbucks President and Chief Executive Officer, said in a statement.
“We continue to thoughtfully evolve within Japan’s elevated coffee culture to maintain a leadership position and achieve profitable growth for the long-term,” Johnson added.
Earlier this year, Starbucks Corp also announced a partnership with Alibaba Group Holding Ltd in order to deliver its coffee products in China.
According to CNN Money, the 25 analysts, offering 12-month forecasts regarding Starbucks Corporation’s stock price, have a median target of $64.00, with a high estimate of $76.00 and a low estimate of $53.00. The median estimate represents a 6.87% downside compared to the closing price of $68.72 on November 8th.
The same media also reported that 16 out of 30 surveyed investment analysts had rated Starbucks Corporation’s stock as “Hold”, while 12 – as “Buy”.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for Starbucks Corporation (SBUX) are presented as follows:
Central Pivot Point – $62.56
R1 – $67.44
R2 – $70.55
R3 – $75.43
R4 – $80.30
S1 – $59.45
S2 – $54.57
S3 – $51.46
S4 – $48.34
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