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Lehman Raises Starbucks Estimates

Lehman Brothers raised its earnings estimates on coffee chain Starbucks (SBUX), saying the company's brand resiliency continues to be reinforced. The company posted 3% higher December same-store revenues and 22% higher total revenues.

Analyst Mitchell Speiser says December comparable figures were better than expected on solid Holiday sales. He says response to new Starbucks card was better than expected. He is raising his first quarter earnings per share estimate to $0.15 from $0.14 and his fiscal year 2002 (September) earnings per share estimate now is $0.54. Although shares trade at almost 38 times forward EPS - over 2 times expected earnings per share growth. He is maintaining his buy rating.

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