Starbucks price target lowered to $92 from $120 at Evercore ISI

Evercore ISI lowered the firm’s price target on Starbucks to $92 from $120 and keeps an Outperform rating on the shares. The firm is “significantly” reducing its same-store sales growth and EPS estimates following Q2 earnings, cutting its FY24 EPS view to $3.59 from $4.02 and its FY25 EPS view to $4.00 from $4.72 as a result of lower top-line and margin forecasts in the back half. While noting that it will take time for the company to recover its multiple after the Q2 earnings downside to consensus and lower guidance, Starbucks “remains one of the best global consumer brands,” Evercore says in supporting its Outperform rating on the shares.