Stifel analyst Chris O’Cull lowered the firm’s price target on Starbucks to $110 from $117 and keeps a Hold rating on the shares. While Q3 EPS were better than the firm’s estimate due to a lower-than-expected tax rate, revenue fell short of the firm’s projection, notes the analyst, who lowered the firm’s EPS out-year projections toward the lower end of the algorithm range to reflect lower sales growth, primarily in China.
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