BMO Capital lowered the firm’s price target on Starbucks (SBUX) to $100 from $115 and keeps an Outperform rating on the shares. The company’s Q2 missed consensus, largely reflecting softer store margins including investments to support turnaround, and while global comps accelerated sequentially, U.S. trends remain negative, the analyst tells investors in a research note. It’s more evident that the turnaround timeline will be more extended and near-term EPS pressure greater than previously expected, the firm added.
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