If Starbucks Gets 'Anywhere Close To $80' Pete Najarian Plans To Deploy This Strategy

Starbucks Corp SBUX shares are down more than 25% since the start of the year, but the stock bounced off its lows around $80 this week and has since continued higher. 

If the stock gets "anywhere close to $80" again, Market Rebellion co-founder Pete Najarian is going to buy shares, he said Wednesday on CNBC's "Fast Money Halftime Report."

See Also: Starbucks CEO Kevin Johnson Announces Retirement; Founder Howard Schultz To Return In Interim Role

What To Know: He told CNBC that Starbucks is one of the stocks he is really excited about and looking forward to owning. 

"Here's why: we know, eventually, China is going to be open again ... that has been the driver, that will be the driver," Najarian said.

He acknowledged that Starbucks faces challenges, including supply chain headwinds and labor shortages, but he expects the company to continue to grow.

"It can grow here in the U.S. and it can particularly get back to what it was doing in China," Najarian said.

Most people were positive on the stock when it was trading above $115 per share and had a price-to-earnings multiple around 33, he noted. According to data from Benzinga Pro, Starbucks is currently trading with a forward earnings multiple below 25. 

"If this thing does pullback ... I am definitely looking at this as one of my stocks that I want to own," Najarian said. "I'll start selling calls against it because I really do believe in the company and the command they have over all the others that are in the competition."

SBUX Price Action: Starbucks has traded between $78.92 and $126.32 over a 52-week period.

The stock was up 4.07% at $86.52 at the time of publication.