Is Starbucks Stock Going Back to $100? 1 Wall Street Analyst Thinks So.
Starbucks (NASDAQ: SBUX) stock kind of stinks this week. Investors reacted to the company's Tuesday earnings report (sales down 2%, and profits down 14% year over year) with a 16% sell-off Wednesday, and Starbucks stock hasn't bounced back yet -- but it might.
On Wednesday, BTIG analyst Peter Saleh made the argument that Starbucks stock, which costs about $75 today, will return to $100 in year.
Starbucks suffered its "weakest quarter in recent history," as Saleh admits. But the brand remains intact, is popular with its customers, and Starbucks has no competitor anywhere in the world, anywhere near its size. These factors, in the analyst's estimation, mean Starbucks stock is still a buy.
Source Fool.com