From Ian Cooper

Something may be brewing at Starbucks (SBUX).

Sorry, that’s a cheesy open, but it’s the best I could come up with early in the day.

With the coffee stock starting to recover from a 38% drop, insiders have been actively buying.   That includes interim CEO Howard Schultz, who recently picked up $10 million shares. Chair Mellody Hobson paid $5 million on September 15, 2022 for 54,570 shares, at an average price of $92.58 each.  Director Ritch Allison bought 10,000 shares for $1 million, at an average price of $92.53 each.

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Helping, analysts at Piper Sandler just raised their price target on SBUX to $92 from $84. As noted by The analyst left the analyst day “with a notion that the enterprise is committing to a cultural-reboot in the field, deeper understanding of their customer and rebuilding trust with partners.” 

Shares of SBUX last traded at $90.79, where it’s finding double top resistance.  If the SBUX stock can break above that resistance, it could potentially test $97 a share next.