Shares of the coffee giant have surged nearly 60 percent this year, making it the third best performing stock in the S&P 500 Index, trailing tech titans Netflix and Amazon. The stock is now trading roughly 3 percent below its recent all-time high of $64 hit in late October. Now, one trader is betting it's about to heat back up in the coming weeks.
The consumer discretionary sector, in which Starbucks falls, is the best performer in the S&P 500 by a landslide. The sector is up more than 12 percent, while the broader index is up just 1 percent.
For Gordon, the recent pullback in the stock from its high presents the perfect opportunity for investors to get in on the stock's epic run. "Former resistance at $60 is now serving as support," said the founder of TradingAnalysis.com and CNBC Contributor. "I expect the uptrend to continue."
Gordon, who has been hot on the Starbucks trade all year, expects to see a new high in the stock before the end of the year. He's targeting a move up to $65, that's a 5 percent rally in the stock over the next couple of weeks.
Wall Street appears to be just as hyped on Starbucks as Gordon. According to FactSet, of the 29 analysts that cover the stock the average rating is a buy, with a price target of $67.57.