So while coffee giant Starbucks (SBUX) spent yesterday trying to get a court of appeals to overturn a couple of verdicts that hit it recently, new problems emerged, as more Starbucks locations joined in on the strike currently hitting the company. That was bad news for investors, who demonstrated their dissatisfaction by sending Starbucks shares down nearly 1.5% in Thursday afternoon’s trading.
TipRanks Cyber Monday Sale
- Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
The West Salem Starbucks in Oregon, reports note, is now part of the ongoing strike occurring at a comparative handful of Starbucks locations throughout the United States. Interestingly, the West Salem store is one of three unionized Starbucks locations in Salem, but it is the only one currently striking. The West Salem crew has some unusual issues that are part of their strike, reports note, including slippery floors and an “…ongoing fly problem” that features some workers claiming they have to keep their mouths closed just to keep from inhaling flies.
That was not all, though, as two locations in Iowa joined in the fray. The Merle Hay Road Starbucks will strike for five hours today, staring at 10 in the morning and going until three this afternoon, local time. Meanwhile, the South Clinton Street Starbucks will be on strike for another couple of hours, concluding at 12:30 local time.
The Ultimate Holiday Meet-Cute
Those hoping for a chance at romance this holiday season may want to consider stopping off for a cappuccino. A study from a publication called Dating News—apparently there is such a thing—reported that Starbucks was the top location for a “holiday meet-cute.” For those not familiar, a meet-cute is “…a charming and often humorous or awkward first encounter between two people who will become a romantic couple.”
But with Hallmark Channel’s inevitable saturation of romantic Christmas comedies rolling out, it is small wonder that some are not interested in spending the holidays alone. And thus, they are looking to third-place Starbucks to provide that connection point to meet the person of their dreams. Meanwhile, also on the list are Dunkin’ Donuts and even Best Buy (BBY).
Is Starbucks Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on SBUX stock based on 12 Buys, seven Holds and two Sells assigned in the past three months, as indicated by the graphic below. After a 12.21% loss in its share price over the past year, the average SBUX price target of $95 per share implies 10.99% upside potential.
