Starbucks Stock Hits New High, But What’s Next?
Starbucks shares hit a new high Thursday after it announced a foray into single-cup servings, but what’s next for the stock?
“If you’ve failed to buy any of the dips in this name since, effectively, July you’ve completely missed the boat,” Drakon Capital’s Guy Adami said on “Fast Money.”
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Still, he was bullish on the company, especially as it moves into the K-cup business and planned to expand in Germany, taking on Nestle.
“You could sell this stock at your own peril,” he said.
Shares closed at $50.37, up 1.8 percent.
Downstream, Dunkin Brands was another coffee player worth looking at.
Brian Kelly of Shelter Harbor Capital said Starbucks was still a name to bet on — on a dip.
“Stay away from Green Mountain,” he added.
Green Mountain Coffee Roasters declined 2 percent to close at $62.40 per share.
“Forget coffee at this point,” Stuart Frankel’s Steve Grasso said. “You probably want to grab McDonald’s on weakness.”
Grasso also liked Domino’s and Starbucks.
“Look for stocks that are making 52-week highs and new 52-week highs,” he said. “That’s where the money flow’s going.”
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