Redburn Atlantic analyst Edward Lewis downgraded Starbucks to Sell from Neutral with a price target of $77, down from $84. The firm models a return to comp growth in fiscal 2025 under new CEO Brian Niccol but questions what level of comp growth the business can sustain given less support from ticket. Redburn’s chief concern is the cost Starbucks must incur to deliver this recovery, the analyst tells investors in a research note. With shares trading above a 20-year average valuation multiple, “there is little room for error,” the firm contends.
previous post
next post