Starbucks price target lowered to $92 from $103 at Stifel

Stifel analyst Chris O’Cull lowered the firm’s price target on Starbucks (SBUX) to $92 from $103 and keeps a Buy rating on the shares following Q2 results that were “mixed.” Early test results for initiatives aimed at enhancing the customer and employee experience are “encouraging,” as wait times are down by two minutes and 75% of cafe orders are fulfilled within four minutes during peak periods, but the firm is revising down estimates to reflect a softer U.S. comp outlook, lower margins, and an expectation that U.S. net unit growth will slow meaningfully over the next few years, the analyst tells investors.