Stifel Downgrades Starbucks (SBUX) to Hold, Negative EPS Revisions
Stifel downgraded Starbucks (NASDAQ: SBUX) from Buy to Hold with a price target of $58.00 (from $66.00).
Analyst Mark Astrachan believes deceleration in global comp growth signals a mix of macroeconomic pressures in retail and restaurants as well as share loss. The loss of market share implies the company may need to increase investment to change the current path which may lead management to reduce EPS growth targets in Q4.
FY 2017 EPS estimate falls from $2.11 to $2.07 and FY 2018 EPS estimate falls from $2.37 to $2.28.
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Shares of Starbucks closed at $59.50 yesterday.