TD Cowen downgraded Starbucks to Market Perform from Outperform with a price target of $107, down from $117. The analyst says “worrisome” macro and competitive pressures will challenge Starbucks’ China same-store-sales and the stock’s multiple. While consensus earnings estimates are achievable through 2025, the company’s multiple isn’t discounted enough versus the five-year average, the analyst tells investors in a research note. As such, TD Cowen expects Starbucks shares will be in a “holding pattern.”
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