Starbucks downgraded to Hold at Gordon Haskett on diminished upside

As previously reported, Gordon Haskett downgraded Starbucks to Hold from Buy with a $100 price target. With shares down 13% over last two months, U.S. same-store sales volatility and decreased China recovery visibility are appreciated by the market, but the firm is moving to the sidelines given what it sees as diminished upside and upward revision prospects. U.S. traffic appears to have softened over the last nine weeks and there is diminished China recovery visibility, the analyst added.