FMP
Starbucks Stock Downgraded to Market Perform
Sep 19, 2023 12:43 PM - Davit Kirakosyan(Last modified: Dec 19, 2023 5:49 PM)
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TD Cowen analysts downgraded Starbucks (NYSE:SBUX) from Outperform to Market Perform, with a reduced price target of $107 per share. This move resulted in more than a 1% decline in Starbucks' stock price pre-market today.
The downgrade is primarily driven by concerns about economic and competitive pressures in China affecting the company's same-store sales. The analysts believe that while consensus earnings estimates for 2023-2025 remain attainable, Starbucks' current valuation doesn't adequately account for these challenges, and they anticipate the stock will experience limited growth in the near term.
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