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.
Helping, analysts at Piper Sandler just raised their price target on SBUX to $92 from $84. As noted by TheFly.com: 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.