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Berger: Starbucks set for a happy Thanksgiving
It’s Thanksgiving on Thursday and that’s usually a good time for US stocks, says Serge Berger. He is looking to buy Starbucks, which is set to see business boom as shoppers take to the malls on Friday, also known as ‘Black Friday’ for retailers.
While some traders focus on retailer stocks, Berger is looking at Starbucks because of its close links to retailers.With a strong presence in many US malls, Starbucks is likely to see much traffic this week as shoppers look to rest and refuel at Starbucks in between their shopping sprees, Berger says.
Looking at the charts, the stock is up 50% year to date and has been consolidating above its 50-day moving average, looking set to push even higher. Berger is looking to buy at USD 62 with a stop at USD 60. His target for the trade is USD 65.
01:32 minutes
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