Coffeehouse chain Starbucks (NASDAQ:SBUX) is focusing on its international expansion plans and is specifically targeting India. The company operates in India through a joint venture with Tata Consumer Products. It plans to expand to 1,000 cafes in the country and double its workforce to 8,600 by 2028. Starbucks currently has a store count of 390 in India and has opened 57 cafes this fiscal year.
The coffeehouse chain is targeting Tier-2 and Tier-3 cities in India and intends to ramp up its drive-through, airport-based, and 24-hour cafes. Starbucks is increasingly competing with local players in India, such as Cafe Coffee Day.
What is the Future Price of SBUX Stock?
Analysts remain cautiously optimistic about SBUX stock with a Moderate Buy consensus rating based on seven Buys and 12 Holds. Over the past year, SBUX stock has declined by more than 8%, and the average SBUX price target of $110.61 implies an upside potential of 17.4% at current levels.
