Shares of Starbucks Corp. (NASDAQ: SBUX) are getting hit by an analyst downgrade this morning. If it sounds like a repeat call mistaken for yesterday’s downgrade, it isn’t. Not really. This morning we have seen a downgrade out of UBS.
UBS is taking its prior BUY rating away and gave it a NEUTRAL rating. Today’s downgrade is based upon sluggish sales and on valuations.
This downgrade is on the heels of Deutsche Bank cutting it to sell yesterday, and shares did come back way off of lows yesterday but still closed in negative territory. The lows in pre-market trading yesterday were lower than this, but yesterday’s official low was $11.13 and the close was $11.66 (down $0.21).
So far we are seeing shares down 2.6% at $11.35 on fairly thin volume.
Jon C. Ogg
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