Jefferies analyst Andy Barish downgraded Starbucks (SBUX) to Underperform from Hold with an unchanged price target of $76. The stock has gotten ahead of “reasonable expectations for improving fundamentals,” the analyst tells investors in a research note. The firm says its credit and debit card data, as well as foot traffic and app data, suggest downside to Q3 and Q4 U.S. compare sales estimates. Starbucks’s “complex” people and operating issues could take a longer time than expected to make progress on, and the company’s investments are weighing on earnings, contends Jefferies.
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