RBC Capital analyst Christopher Carril lowered the firm’s price target on Starbucks to $109 from $112 and keeps a Sector Perform rating on the shares after its worse than expected Q1 results. The company’s U.S trends remained solid, but China remained a headwind and drove the Q1 miss, the analyst tells investors in a research note. The firm adds that while the early signs from China reopening are encouraging, the market’s recovery may not be linear and could take longer than expected.
Published first on TheFly
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