Do you believe in miracles? And unicorns? Because both are happening at Starbucks Corporation (NASDAQ:SBUX) right now.
Your social media feeds are no doubt plastered with images of the color changing, taste shifting, limited-edition on offer — a light hearted play on the “unicorn food” trend that’s giving the coffee purveyor a big marketing tailwind. Coming just months after some political blowback from the political right (on the ), the unicorn buzz is helping push the stock up and out of a five-month funk.
And as a result, shares look ready to make a run at the 2015 highs near $62.
Aside from fruity, sour, pink-and-blue flavored drinks — and the huge drive-thru lines that resulted at my local Starbucks — the stock has benefited from a number of analyst upgrades in recent days. On Tuesday, RBC Capital ÃÛÌÒ´«Ã½s noted easing year-over-year comparisons, a rich innovation pipeline and the potential for tax reform tailwinds. Stifel analysts upgraded the stock on Wednesday, assigning a $67 price target on anticipated multiple expansion on accelerating U.S. comp-store sales growth.
The company will next report results on April 27 after the close. Analysts are looking for earnings of 45 cents per share on revenues of $5.4 billion. Now is a great time to go long SBUX stock.
Anthony Mirhaydari is founder of the and investment advisory newsletters. A two-week and four-week free trial offer has been extended to InvestorPlace readers.
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