NEW YORK (TheStreet) -- Starbucks Corp. (SBUX) is the latest in a list of quick service restaurants to announce it used meat from the Shanghai Husi plant, which Chinese authorities shut down pending an investigation.
The meat plant, a local supplier, was closed after it was alleged workers were seen using meat that had fallen to the floor, and mixing expired meat with fresh, USA Today reports.
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Shares of Starbucks are up 1.52% to $78.79 in early afternoon trading today.
Separately, TheStreet Ratings team rates STARBUCKS CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate STARBUCKS CORP (SBUX) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."