VERO - Starbucks (SBUX) Stock Hit With A Jefferies Downgrade
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Starbucks (NASDAQ:SBUX) stock is on the move Wednesday after the coffee company’s shares were downgraded by analysts at Jefferies.
Andy Barish is the Jefferies analyst behind today’s downgrade, which drops SBUX stock from a “buy” rating to a “hold” rating. For the record, that matches the analysts’ consensus rating for Starbucks shares. That’s based on nine “buy” and 14 “hold” ratings.
While the Jefferies analyst downgraded shares of SBUX stock, he didn’t change his price target. Barish continues to hold a price prediction of $100 per share for SBUX. That’s only about a potential 2% upside and is just barely above the $98.96 consensus price target among analysts.
Why the Downgrade for SBUX Stock?
Barish has a couple of concerns about Starbucks’ business that investors will want to note. That includes expectations for a recession in the second half od 2023 that will harm the company’s earnings. That would be the result of consumers easing up on luxury spending as their dollars don’t go as far as they once did.
To go along with this, the Jefferies analyst also said that SBUX set its expectations too high. During the company’s recent Investor Day conference, it revealed an aggressive expectation for global growth that Barish doesn’t think is likely to play out.
SBUX stock is down slightly as of Wednesday morning!
Investors looking for more of the latest stock market news are in luck!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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