Is Starbucks a ‘Buy’ After Wells Fargo’s Overweight Rating?

On Monday, Starbucks stock rose to a high of $75.22 before closing at $74.96, which represents an increase of 1.1 percent from the previous day’s closing price. Despite the rise on Monday, the company is trading 17.7 percent lower this year. Weakness in the foodservice industry amid the pandemic, lower-than-expected second-quarter earnings, and the disappointing update last month all dragged the stock down. YTD, Starbucks has underperformed its peers and the S&P 500 Index. During the same period, McDonald’s and Dunkin’ Brands have declined by 3.0 percent and 10.5 percent, respectively. Meanwhile, the S&P 500 Index has increased by 0.7 percent.

View more information: https://marketrealist.com/2020/07/is-starbucks-buy-wells-fargos-overweight-rating/

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