Wedbush lowered the firm’s price target on Starbucks to $95 from $100 and keeps a Neutral rating on the shares. The firm’s fiscal Q1 checks point to same-store-sales growth trending slightly below to in-line with the consensus estimate of 6.2%. Negative callouts include some instances of staffing challenges, decreased traffic resulting from boycotts, and price increases negatively impacting sales and traffic, the analyst tells investors in a research note. Based on the checks the firm lowered its Q1 Americas same-store-sales growth estimate to 5.0% from 6.0%. It believes Starbucks’ current valuation is an appropriate reflection of the company’s top- and bottom-line drivers towards the low end of management’s communicated long-term targets.
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