Starbucks shares may be due for some downside, according to Jefferies.
Analyst Andy Barish downgraded the stock to underperform from hold and cut its price target by $4 to $76.
While shares have already fallen about 0.6% this year, they have surged around 24% since the CEO announcement.
Barish expects there to be low visibility in China and the U.S. in the near term and sees fiscal 2025 guidance coming in lower than expected.
He thinks the long-term growth algorithm should be revised lower as well.
Persons:
Andy Barish, Brian Niccol —, Barish, Niccol's, Niccol
Organizations:
Jefferies
Locations:
China