Starbucks price target lowered to $105 from $110 at Stifel

Stifel analyst Chris O’Cull lowered the firm’s price target on Starbucks (SBUX) to $105 from $110 and keeps a Buy rating on the shares after the company pre-released preliminary Q4 results, including North America comps down 6%, and also suspended guidance for FY25 to allow for a complete assessment and stabilization of the business. While the top-line results were slightly weaker than expected, the firm believes the degree of margin compression and the lack of guidance were less expected, adding that it believes the new CEO is “zeroing in on the correct issues, and his track record suggests he can maintain the focus necessary to position the company to execute those initiatives.”