UPDATE: JPMorgan Downgrades Starbucks (SBUX) to Neutral, Removes from Analyst Focus List

(updated to add analyst comment)

JPMorgan analyst John Ivankoe downgraded Starbucks (NASDAQ: SBUX) from Overweight to Neutral with a price target of $91.00.

The analyst comments "In a few recent cross-sector industry notes, we suggested investors “add lower” to SBUX as we believed peaking 3Q19 comps (based on unusually one-off-driven, easy year ago comparisons) would allow an easing in the share price. In fact, the opposite occurred with post-EPS performance propelling the stock up 9% – its biggest one-day gain since November 2, 2018 – and to levels well above even our $91 December 2020 price target."

For an analyst ratings summary and ratings history on Starbucks click here. For more ratings news on Starbucks click here.

Shares of Starbucks closed at $99.11 yesterday.

You May Also Be Interested In

• Canaccord Downgrades York Space Systems (YSS) to Hold, 'Supply chain and contract timing uncertainty'
• BofA Securities Starts Kanzhun Ltd. (BZ) at Neutral
• CVS Health names JPMorgan executive to board, Robbins exits