Starbucks price target lowered to $131 from $138 at BofA

BofA analyst Sara Senatore lowered the firm’s price target on Starbucks (SBUX) to $131 from $138 and keeps a Buy rating on the shares, citing estimate changes ahead of the company’s Q1 report. The firm says it believes the market is anticipating same-store sales growth beats in the U.S. for "industry leaders" McDonald’s (MCD) and Starbucks, adding that in terms of China that Tier 1 cities such as Shenzhen and Shanghai, where a significant share of the company’s stores are located, have recently showed further improvements in year-over-year congestion levels.