BTIG analyst Peter Saleh lowered the firm’s price target on Starbucks to $100 from $115 but keeps a Buy rating on the shares. The company’s Q2 results were “the weakest quarter in recent history” as traffic plummeted due to a more value-oriented customer having retreated, the analyst tells investors in a research note. Some transitory factors like weather made the results appear worse than they actually are however, and the firm maintains its view on Starbucks as a global brand with good economics, no close competitor, and a very desirable customer base, BTIG added.
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