Millennials are buying up shares of Starbucks

Starbucks hasn't had a great ride of late, but millennial investors don't seem care.

Shares have slumped more than 12% over past month, in the wake of former CEO Howard Schultz stepping down as chairman and the coffee giant forecasting disappointing third-quarter sales. Starbucks said it sees sales growing 1% in Q3, down from its previous forecast of 3%-5% growth. It also announced plans to close over 100 stores next year. The next day, Morgan Stanley analyst John Glass downgraded Starbucks to equal-weight from over-weight.

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But millennials seem optimistic. Data from Robinhood, a free trading app popular amongst millennials, shows 3,328 positions were added on the platform over the past week. That was the biggest increase for any stock amongst Robinhood users during that time, and moved Starbucks up one spot to the 22nd most-owned stock on the app.

Starbucks is down about 15% this year.

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