SBUX (Starbucks) - still too expensive? Or are their growth projections realistic?

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This stock caught my attention today as it is at near it's 52 week low. If their market projections to open 40,000 stores as a long term prediction, this means that over half of their stores will be outside of the USA. If they are able to do this successfully and penetrate the non-USA market, then the growth is certainly in the stock.

Unfortunately with dairy prices rising and increased competition from the likes of McDonalds and other discount coffee chains, it's put quite a strain on their earnings in the last year.

Hopefully things will turn around in the next year, but right now this stock is on my watch list. Should it dip down to 18-19, I just might purchase some options for a quick short term trade.

Until then, I'll be watching patiently on the sidelines.

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