Starbucks price target lowered to $100 from $105 at Baird

Baird lowered the firm’s price target on Starbucks to $100 from $105 and keeps a Neutral rating on the shares. The firm previewed its quarter and said they anticipate satisfactory FQ4 results, and perhaps more importantly, expect the company to reiterate its multi-year target to grow EPS by 15-20% annually in upcoming years with an outlook that seems likely to highlight the company’s margin improvement opportunities and perhaps lower the bar on the level of U.S. comps needed to achieve the earnings algorithm.