Wells Fargo analyst Zachary Fadem lowered the firm’s price target on Starbucks to $120 from $125 and keeps an Overweight rating on the shares. Restaurant EPS is around the corner, and the firm sees Q2 a story of choppier traffic, lapping price and moderating wage/commodity pressures. Wells is looking for reasons to warm up on Starbucks post-recent underperformance.
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