Evercore ISI downgraded Starbucks to In Line from Outperform with a price target of $80, down from $92. The firm sees lower earnings given the “realization” that recent and near-term same-store sales growth, both in the U.S. and China, will be lower than expected. Evercore is lowering FY24 and FY25 Americas same-store sales growth estimates from down 0.5% and up 2.5% to down 1% and up 1.5%, respectively, the analyst tells investors.
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