Starbucks price target lowered to $100 from $110 at UBS

UBS lowered the firm’s price target on Starbucks to $100 from $110 and keeps a Neutral rating on the shares. The firm expects sales momentum continued in the U.S. in Q4, while China recovery likely remains uneven, the analyst tells investors in a research note. Starbucks’ long-term growth outlook is attractive, but risk/reward is balanced given risks to U.S. sales growth in a more challenging macro, limited visibility into the China recovery trajectory, and achievability of long-term guidance for 7%-9% SSS 15%-20% EPS growth, the firm says.