Starbucks facing weaker China comps, rising labor costs, says Argus

Argus analyst John Staszak keeps a Hold rating on Starbucks, noting that the company is being impacted by rising labor costs, supply-chain challenges, and increased competition. The firm also warns that weaker comps in China are a near-term headwind for Starbucks, even as the country ends lockdowns. Argus also cuts its FY23 and FY24 EPS views for the stock by 5c to $3.40 and $4.00 per share.