Starbucks upgraded to Hold from Underperform at Jefferies

Jefferies upgraded Starbucks (SBUX) to Hold from Underperform with an unchanged price target of $76. The stock has quickly retreated 29% since the February market high and is near the price target pointing to limited near-term downside, the analyst tells investors in a research note. However, Jefferies still believes Starbucks’ fundamental turnaround here will take a longer period than the market generally believes with the near-term complexities of tariff fallout “adding to the risks.”