Wells Fargo lowered the firm’s price target on Starbucks to $90 from $105 and keeps an Overweight rating on the shares following subpar Q2 results. The firm takes some comfort that the FY24 outlook now appears appropriately reset for ongoing comp/margin pressures. Starbucks expects a return to algo +15%-20% EPS in 2025, but a sub-$4 bear case is pricing in.
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