Why Starbucks' Shares Are Down Again Today
Shares of Starbucks (NASDAQ: SBUX) were down on Monday, as investors and analysts came to terms with the growing likelihood of extended retail shutdowns in North America and Europe.
As of 2:45 p.m. EDT, Starbucks' shares were down about 4% from Friday's closing price.
In a note on Monday morning, MKM Partners analyst Brett Levy downgraded Starbucks to neutral, from buy, cutting his price target to $52 from $92. Levy said the company's decision to move to a takeout-only business model in the U.S. won't be enough to sustain its results over the near term, and that it has no way to fully offset the likely lost revenue.
Source Fool.com
