Starbucks price target lowered to $80 from $85 at Citi

Citi lowered the firm’s price target on Starbucks to $80 from $85 and keeps a Neutral rating on the shares. Investor expectations have waned alongside still soft high-frequency data in the U.S. and macro/micro data points from China suggesting consumer spending remains under duress, the firm says in a research note on Friday. Guidance called for a weak Q2 and a modest rebound in the second half of the year sales/margins to meet FY targets, something Citi and most investors now view skeptically and fear that even if FY EPS growth target is preserved, it comes through lower-quality means.