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I Was Wrong About Starbucks Stock

TheMotleyFool

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It's hard to believe that just a year ago, Starbucks (NASDAQ: SBUX) stock was down in the dumps. Comparable-sales growth slowed dramatically in the third quarter of the company's 2018 fiscal year, both in the U.S. and in China. This led many investors to sell the stock in a panic, fearing that slower growth was the new normal for Starbucks.

It didn't take long for Starbucks to start proving the bears wrong, as growth rebounded quickly beginning last summer. As a result, the stock surged 60% from a multiyear low below $50 last June to around $78 following the company's Q2 earnings report three months ago. At that time, I argued that the stock had gotten too expensive to be worth holding.