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STARBUCKS’S SHARES FALL AFTER ATLANTIC EQUITIES INITIATES COVERAGE WITH OVERWEIGHT RATING -

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    • STARBUCKS’S SHARES FALL AFTER ATLANTIC EQUITIES INITIATES COVERAGE WITH OVERWEIGHT RATING
15-Jun
21:19 IST

Starbucks ’stock is currently trading at 75.93-lower by 0.67% as compared to the previous closing price.

Atlantic Equities initiated coverage of the coffee company with an Overweight rating. The brokerage firm said that Starbucks is well-positioned after the pneumonia-causing virus passes. Atlantic equities see the coffee company emerge from the coronavirus crisis with market share gains and a more efficient cost structure.

The brokerage firm believes the coffee company as a quality growth company targeting HSD sales and DD EPS growth. Atlantic equities believe the short-term coronavirus-related weakness as an opportunity to buy into a fundamentally strong company with significant productivity drivers including incremental expansion potential and US store base transformation plan. Starbucks said during its Q2 earnings call in late-April that its fiscal current quarter results will take a bigger hit from the coronavirus pandemic. Stocks of Starbucks have lost about 14% Year-to-date.

On the technical front, the RSI is currently at 47.14% and suggests that the market can move in the downward direction. The current price is below the MA5. The %K has crossed the %D from above to the downside at around 93% and suggests that the market can move in the downward direction.

Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit target.

 

TRADE SUGGESTION- LIMIT SELL AT 76.00 TAKE PROFIT AT 74.50 STOP LOSS AT 76.75

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