Starbucks price target lowered to $100 from $106 at Baird

Baird analyst David Tarantino lowered the firm’s price target on Starbucks to $100 from $106 and keeps a Neutral rating on the shares. The company hosted a Q&A session today as a follow up to Wednesday’s annual meeting and commentary suggested Q2 operating performance has been soft, the analyst tells investors. Given management “once again” calling out macro headwinds and expectations for key operating metrics for the quarter to come in well below full-year targeted ranges, the firm is lowering estimates and taking a more conservative approach with its North America projections, the analyst noted.