Starbucks Corp. (SBUX) just crushed Wall Street’s expectation by setting record earnings.

Starbucks just reported record quarterly earnings on Jan 20. The coffee giant saw net revenues rise 4% to $2.7 billion. The increase was on slightly higher traffic and higher average ticket prices.

In addition the company managed to almost double its operating margin, which increased 620 bps to 13.6%. Earnings per share came in at 33 cents, beating the Zacks Consensus Estimate by a nickel.

Analysts React

Despite raising estimates just before the report, analysts further increased estimates following the announcement. As of Friday, Jan 22, we saw 7 upward revisions for fiscal 2010, raising the consensus 7 cents to $1.07.

Twelve Starbucks analysts increased forecasts for fiscal 2011, bumping the consensus to $1.23, from $1.15. Projected growth rates are now 24% for this year and 15% for the next.

The Chart

Shares of SBUX set a new 52-week high on the recent surprise, but quickly retreated as the market sold off. Right now shares are bout 20 times forward earnings.

November 11th Feature Here

A chart for Starbucks CorpLast Week’s Aggressive Growth Zacks Rank Buy Stocks

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Bill Wilton is the Growth Stock Strategist for Zacks.com. He is also the Editor in charge of the market-beating Zacks Growth Trader serviceZacks Investment Research