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Starbucks is brewing up a 15% rally: Carter Worth

There's something strange about Starbucks.

While many consumer food and beverage stocks have risen nicely over the past few months, Starbucks has stayed relatively range-bound, despite a strong end of the week on the back of an ambitious plan the company presented at its investor day and a target increase from JPMorgan.

For Carter Worth, chief market technician at Sterne Agee, that weak relative performance smells like opportunity.

Read MoreStarbucks' CEO: 'We are just getting started'

"When group moves are powerful, if you can find a stock in a powerful group that has yet to play out, it's a good opportunity in principle," Worth said Friday on CNBC's "Options Action."

On the charts of several other dining stocks, Worth espies a clear pattern: range-bound action followed by a breakout.

That's what he sees in the chart of Texas Roadhouse, which broke out in October:

In Denny's:

And in Domino's Pizza:

Based on the chart of Starbucks, he believes that it will follow the rest of the group.

"It just put it ahead above the top of the line, when it closed at $83," Worth said. "And the implications are here, that just to catch up, if you will, you're talking about a 10 to 15 percent move. We like it a lot, it's a big name, it's a liquid name, and we'd be aggressively long here."

To bet on such a move, options trader Mike Khouw would suggest buying the February 85/90 call spread for $1.50. This trade will make money if Starbucks shares close above $86.50 at February expiration, which is 3 percent above Monday's opening price.


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