Editor's Note: Below is an institutional research note written by Restaurants analysts Howard Penney and Shayne Laidlaw.
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Takeaway: We are covering our SHORT on SBUX |
By any measure, 3Q19 was an incredible quarter for Starbucks, with the company generating positive traffic in the Americas for the first time since 4Q17. The Americas same-store sales of 7%, with 3% traffic is a major shift in trend. This momentum is not likely to change over the next few quarters. I don’t need to belabor my epic fail with this call, but it’s time to move on from being critical of the CEO and this amazing company!
