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In the Premarket trading session on Thursday, Starbucks stock was trading at 87.80- higher by 1.40% as compared to its previous close.
Investment bank J.P. Morgan Chase upgraded the coffee chain’s stock. The investment bank upgraded Starbucks rating to overweight from neutral. J.P. Morgan Chase also raised its 12-month price target on stocks of the company to $94 a share from $90 per share. The investment upgraded the coffee chain’s stock after it met with the company’s CEO and other executives.
J.P. Morgan Chase said it sensed a high degree of confidence that growth at scale agenda is working for the company. The investment bank downgraded the coffee chain’s stock for the first time in 15 years of coverage in July citing the stock had risen more than consensus estimates in the past 12 months. Stocks of Starbucks touched an all-time high on 26th July. Stocks of the coffee chain have climbed 34% so far this year.
On the technical front, the current price is above the MA5 and the MA20. The current price is above the upper band of the Bollinger Bands and is heading upwards. The stock is expected to trade higher today.
TRADE SUGGESTION- LIMIT BUY AT 87.70 TAKE PROFIT AT 88.30 STOP LOSS AT 87.40