* The peak of U.S. earnings season continues today, with QUALCOMM (MT5: QUALCOMM), ESTEE LAUDER (MT5: Estee Lauder), YUM! BRANDS, among others, will report earnings.First, technically: Starbucks shares remain on the riseFrom the technical point of view, Starbucks stock price since May last year fell to 68.31 undervalued after a strong rebound, the trend of a wave of higher and higher, once rose to the highest since January last year 115.5, a cumulative increase of 68.7%.During the recent rally, the stock surged from 98.35 to 115.5, and the RSI indicator indicates that the market is overbought and may be due for a correction in the near term, so investors are best to enter when the RSI indicator falls below 70.If the stock price pulls back as expected, the initial support is expected to be at 109, and the target looks to 103.5 (50 MA) after the loss; On the other hand, if the stock continues its current rally, it will first challenge the 115.5 and then the 118 resistance level.Second, revenue exceeded expectations againThe world's largest coffee chain Starbucks (MT5:) on Tuesday after the U.S. stock market announced the second fiscal quarter of 2023 results, the core data is as follows:Earnings per share (EPS): $0.74 vs consensus of $0.65Total revenue: $8.719 billion vs $8.4 billion consensusBoth measures were better than expected, breaking away from the previous quarter's earnings miss.The company's global same-store sales growth of 11% was driven by a 6% increase in comparable transaction volume and a 4% increase in average unit price.In the second quarter, Starbucks opened a net 464 new stores, including some closures in North America and international markets. At the end of the quarter, the company had 36,634 stores worldwide; 51% of the total is owned by the company and 49% is franchised.Stores in the U.S. and China account for 61% of Starbucks' global portfolio, and the company has 16,044 stores in the U.S. and 6,243 stores in China.In terms of guidance, the company remained optimistic about near-term results, forecasting fiscal third-quarter earnings of $1 per share on revenue of $9.36 billion.Third, the valuation is higher than the industry levelStarbucks shares have continued to rise in the last year, and its key financial ratios have risen well above the industry average. That said, the stock appears more "expensive" compared to its competitors, as the table below shows.If the company's performance growth is strong, then a high financial ratio is not a problem, and investors are willing to pay higher consideration for companies with strong growth.But when it comes to Starbucks, investors need to be cautious. As mentioned earlier, the company's performance has been inconsistent in recent quarters. Therefore, if this mixed picture continues, share prices are likely to adjust downward and valuations gradually return to the industry average.Of course, if Starbucks can beat earnings estimates for several consecutive quarters, it will justify its high valuation. In other words, if the company's performance continues to grow over time, then investors can also accept its high valuation.