Evercore ISI downgraded Starbucks to In Line from Outperform with a price target of $80, down from $92. The firm sees lower earnings given the “realization” that recent and near-term same-store sales growth, both in the U.S. and China, will be lower than expected. Evercore is lowering FY24 and FY25 Americas same-store sales growth estimates from down 0.5% and up 2.5% to down 1% and up 1.5%, respectively, the analyst tells investors.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SBUX:
- Near 52-Week Lows, Is Now the Time to Buy Starbucks Stock? (NASDAQ:SBUX)
- Starbucks price target lowered to $98 from $104 at Morgan Stanley
- SBUX, DIS, or ET: Which Large-Cap Stock Could Generate the Best Returns?
- Starbucks downgraded to Negative from Mixed view at OTR Global
- Starbucks price target lowered to $90 from $92 at JPMorgan