Wedbush analyst Nick Setyan lowered the firm’s price target on Starbucks to $105 from $112 and keeps a Neutral rating on the shares. The firm notes Q3 EPS was above expectations on higher margins and continued China recovery even as U.S. same-store sales growth came in softer than consensus. Q4 U.S. same-store sales growth commentary implies a higher probability of no sequential step-down, Wedbush adds.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on SBUX:
- Starbucks price target lowered to $123 from $127 at Barclays
- Starbucks (NASDAQ:SBUX) Is Confident of Serving Hot Earnings; Investors Gone Cold
- Starbucks sees revenue pressures continuing in Q4
- Starbucks narrows FY23 EPS growth view to 16%-17% form 15%-20%
- Starbucks sees ‘significant headroom’ for new store growth in U.S.