UBS analyst Dennis Geiger downgraded Starbucks to Neutral from Buy while raising his price target for the shares to $78 from $72. The stock closed Friday up 68c to $75.03. The risk/reward on shares “appears balanced” with the stock up 55% since June, Geiger tells investors in a research note. He believes Starbucks is better positioned going forward with improved same-store-sales momentum and streamlined operations. However, the shares “reflect this and expectations are now elevated,” says Geiger. The analyst adds that while repurchase activity and upside to forecasts “could support further multiple expansion,” he sees risks from “downside to more elevated sales/earnings expectations as an offset.