Time to drink up Starbucks (SBUX) .
TheStreet's founder and Actions Alerts PLUS manager Jim Cramer says Starbucks is working hard to fix the "mosh pit" that many of its stores face when too many customers who ordered online show up at the same time. But he thinks the coffee giant will ultimately fix the problem, so investors who don't already own Starbucks might want to get in if the stock falls back below $59 (from $59.90 early Tuesday afternoon).
"I think they're solving it, and they're going to solve it in a way that is very additive to us," Cramer said during a monthly conference call with members of his Action Alerts PLUS club for investors.
Cramer owns Starbucks shares for his charitable trust, but recently sold part of his position when the stock briefly surged. "When it ran up to $64 we said: 'We've got to take some off,' because it fully reflected all the good news," he said.
But Cramer said he's looking to buy the shares back if Starbucks falls some more. "I don't want you to sell Starbucks," he said. "Starbucks under $59 would be a great [buy]."
(This article has been updated to add Monday's SBUX close.)
Want to join in on Jim's monthly conference calls? Click here for a free 14-day trial subscription to Action Alerts PLUS and hear all of the latest call, plus get e-mails before Jim makes any trade and enjoy lots of other exclusive material.
Read More Trending Articles:
- Tesla Could Explode to Record Highs As Company Reportedly Comes Closer to Making Cars In China
- Costco Sees an Extremely Damaging Flush In Aftermath of Amazon's Big Whole Foods Deal
- Intel Just Got Smoked By AMD In the Race to Unleash a Super Chip
- These Stock Winners Refuse to Die: Cramer's 'Mad Money' Recap (Monday 6/19/17)
- McDonald's Joins 5 Other Mega Brands In Ditching the Olympics