Is Starbucks Stock Going Back to $100? 1 Wall Street Analyst Thinks So.

Starbucks stock took a hit this week, plunging 16% following a disappointing earnings report showing a sales drop of 2% and a profit decline of 14%. Despite this, BTIG analyst Peter Saleh predicts a rebound to $100 per share, citing the brand's strong market presence and lack of comparable competitors. However, with a cautious outlook for 2024 from Starbucks CEO Laxman Narasimhan, the stock's current valuation at 20.5 times trailing earnings presents a mixed investment picture.