On July 30, Starbucks rose 4.45% in pre-market trading, trading at $108.60 per share, with turnover of $7.09 thousand. The stock surged following the company's after-hours release of fiscal Q3 results that comprehensively exceeded Wall Street expectations.

Starbucks reported adjusted earnings per share of $0.85, beating the consensus estimate of $0.66 by nearly 29% and representing a 70% year-over-year increase from $0.50. Revenue came in at $9.32 billion versus analyst expectations of $9.17 billion. North America comparable store sales grew 7.9%, well above the expected 5.73%, marking four consecutive quarters of positive growth. The company raised its full-year adjusted EPS guidance to $2.55-$2.65, up from the prior range of $2.25-$2.45, compared to the FactSet consensus of $2.40. Starbucks now expects U.S. same-store sales growth slightly above 6.0% for the full fiscal year.

Additionally, the company noted that coffee raw material price pressures are expected to ease this quarter, and full-year capital expenditures are projected below the prior fiscal year. Following the release, Morgan Stanley raised its target price to $115 and Jefferies raised its target to $101.

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