Starbucks price target lowered to $104 from $112 at Citi

Citi lowered the firm’s price target on Starbucks to $104 from $112 and keeps a Neutral rating on the shares. The analyst thinks investors widely expect a long-term algorithm shift with Starbucks’ fiscal Q2 earnings, including lowered sales and earnings growth to 15%-plus, predicated on the weaker China macro environment. The firm believes the shares “risk greater listlessness” beyond November 2. Regarding China, the rapid growth of competition, growing macro concerns, unexpected management changes, and ongoing geopolitical tensions all weigh on investor sentiment, says Citi.