Luckin Coffee IPO won't stop Starbucks' stock breakout, technical analyst says (via TradingNation)
The coffeemaker's stock surged to an all-time high Thursday, adding to a more than 22% gain for 2019. But Thursday also brought a twist to the U.S. coffeemaker's story as details on Chinese rival Luckin Coffee's pricing for its initial public offering surfaced after the closing bell., the high end of the $15 to $17 range in its regulatory filing, sources told CNBC. The $2.9 billion company is set to go public Friday on the Nasdaq under the ticker LK.
But some experts, like MKM Partners Chief Market Technician JC O'Hara, say Starbucks' journey higher is just getting started. John Petrides, managing director and portfolio manager at Point View Wealth Management, didn't have as much conviction in Starbucks' prospects. One big, largely unaccounted-for risk is that "the barriers to entry aren't very high" in the coffee business, Petrides said.
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