Barclays analyst Jeffrey Bernstein lowered the firm’s price target on Starbucks to $116 from $123 and keeps an Overweight rating on the shares. The analyst expects discretionary with the restaurant sector, namely casual dining and specialty, to continue to outperform in 2024. Sales are proving resilient and inflation is easing faster than menu pricing, the analyst tells investors in a research note. As we move through 2024, should persistent consumer headwinds lead to ultimate trade-down, defensive names will outperform, contends the firm. Barclays also believes foodservice distributors are well positioned in either scenario.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on SBUX:
- Should Starbucks (NASDAQ:SBUX) Worry as CosMc’s Enters the Market?
- Gen Z Stocks: The Path from Gambling to Investment
- McDonald’s Stock (NYSE:MCD): Understanding Its Emerging Customers is Key
- Salesforce downgraded, Starbucks initiated: Wall Street’s top analyst calls
- Starbucks shareholder SOC comments on labor-related announcements