An exclusive deal over operation and development of Starbucks Corp’s (SBUX) retail business in Thailand has been inked between a Hong-Kong-headquartered company and an entity managed by Thai billionaire Charoen Sirivadhanabhakdi, Reuters reported.
Starbucks shares closed lower for a second consecutive trading session on NASDAQ on Thursday. It has also been the steepest daily loss since May 20th. The stock went down 1.09% ($0.84) to $76.41, after touching an intraday low at $75.73, or a price level not seen since April 26th ($75.06).
Shares of Starbucks Corporation have risen 18.65% so far in 2019 compared with a 12.58% gain for the benchmark index, S&P 500 (SPX).
In 2018, Starbucks Corp’s stock went up 12.14%, thus, it again outperformed the S&P 500, which registered a 6.24% loss.
Starbucks has struck an agreement with Coffee Concepts, a joint venture formed by Maxim’s Caterers Limited of Hong Kong and F&N Retail Connection Co. Ltd, an entity owned by Chareon’s Thai Beverage.
Under the terms of the deal, which is expected to be finalized by the end of May, Maxim’s Caterers will manage the retail operations and new store development in Thailand, where Starbucks already has 372 stores.
Maxim’s Caterers has stores in Singapore, Cambodia and Vietnam and has also been collaborating with Starbucks in Hong Kong for almost two decades.
According to CNN Money, the 21 analysts, offering 12-month forecasts regarding Starbucks Corporation’s stock price, have a median target of $78.00, with a high estimate of $90.00 and a low estimate of $65.00. The median estimate represents a 2.08% upside compared to the closing price of $76.41 on May 23rd.
The same media also reported that 18 out of 28 surveyed investment analysts had rated Starbucks Corporation’s stock as “Hold”, while 9 – 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 – $78.21
R1 – $80.35
R2 – $81.78
R3 – $83.92
R4 – $86.05
S1 – $76.78
S2 – $74.64
S3 – $73.21
S4 – $71.77
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