Stifel analyst Chris O’Cull lowered the firm’s price target on Starbucks (SBUX) to $103 from $114 and keeps a Buy rating on the shares. Given the recent market volatility and “mediocre” consumer spending in Q1, the firm updated estimates for several restaurant companies to reflect a more cautious outlook, adding that its estimates do not reflect a recession scenario, but it acknowledges the “rising probability.”
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