Starbucks announced the launch of a new drink, a mix between coffee and olive oil, which will initially be offered at its Italian stores.
Named “Oleato”, the new beverage is made with arabica coffee “infused with a spoonful of Partanna cold pressed, extra virgin olive oil,” the coffee chain said in a statement.
Depending on the size of the cup, the drink will be priced at EUR 4.5 to EUR 6.5, the company said.
The beverage will later be offered in select markets worldwide, starting with southern California in the United States during the spring.
The “Oleato” debuted in several forms such as caffe latte, a “deconstructed” option featuring lemon juice, and an “Espresso Martini” with vodka and vanilla bean syrup.
The shares of Starbucks Corporation (SBUX) closed 0.01% ($0.01) lower at $104.77 on Nasdaq on Wednesday, with the coffee chain giant’s total market cap now standing at $120.41 billion.
The shares of Starbucks Corp went down 15.19% in 2022, compared with a 19.44% loss for the benchmark index, S&P 500 (SPX).
Analyst stock price forecast and recommendation
According to TipRanks, at least 12 out of 22 surveyed investment analysts had rated Starbucks Corp’s stock as “Hold”, while 10 – as “Buy”. The median price target on the stock stands at $114.50.
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