Starbucks Coffee (SBUX): Cutting Comps To 4% From 5%, Reducing PT - Wedbush
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Wedbush analyst, Nick Setyan, reiterated his Outperform rating on shares of Starbucks (NASDAQ: SBUX) but cut his price target to $65.00 from $70.00 after recent checks of 5% of U.S. company-owned locations point to 4% Americas comp growth in FQ4. Though below 5% consensus the analyst thinks 4% is largely in line with buy-side expectations.
The analyst cut FQ4 and FY17 North American comp assumptions to 4% from 5% which has the effect of reducing the PT to $65 from $70.
Shares of Starbucks closed at $54.19 yesterday.
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