Starbucks Shares Slip After Goldman Downgrade
11 Januar 2019 - 4:24PM
Dow Jones News
By Colin Kellaher
Shares of Starbucks Corp. (SBUX) edged lower in early trading
Friday after Goldman Sachs downgraded the stock on concerns about
China.
Goldman's analysts, led by Karen Holthouse, said they have
"incremental concerns" about China's macro economy and company's
same-store-sales trajectory in the region. They noted recent red
flags about China raised by Apple Inc. (AAPL) and McDonald's Corp.
(MCD).
Goldman also noted that Starbucks shares have risen more than
50% since they were added to the "buy" list in December 2014. The
analysts downgraded the stock to "neutral" from "buy" and cut their
12-month price target to $68 from $75.
The analysts said they are "reasonably confident" that digital
engagement initiatives by the coffee chain can drive a more stable
comp growth trajectory of 3% to 4% over the next few years.
Shares of Starbucks fell 2.4% to $62.63 in early trading
Friday.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 11, 2019 10:09 ET (15:09 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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