Morgan Stanley lowered the firm’s price target on Starbucks to $98 from $104 and keeps an Overweight rating on the shares. Like with others in the firm’s restaurant coverage, the firm hasn’t seen much improvement in high-frequency data, but on the plus side it contends that FY24 numbers have been “more adequately de-risked after last quarter’s big cut,” the analyst tells investors in an earnings preview note. The firm trimmed FY25 estimates, but notes it still models double-digit EPS growth.
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