Why Starbucks Stock Got Knocked Over Today
Shares of Starbucks (NASDAQ: SBUX) were down by 4.5% as of 12:50 p.m. ET Friday -- and you can pin some of the blame on investment bank R.W. Baird.
On Friday morning, Baird analyst David Tarantino downgraded Starbucks from outperform to neutral, and cut his price target on the shares by $10 to $116, StreetInsider.com reports.
Although Tarantino remains "optimistic about the company's long-term fundamental outlook," in the near term, he worries that the "backdrop for the China business [looks] increasingly uncertain" -- presumably referring to that nation's efforts to contain the omicron variant of COVID-19 through lockdown measures.
Source Fool.com
