Why Starbucks Stock Tasted Sour on Tuesday
A Starbucks (NASDAQ: SBUX) coffee might be a fine way to enhance an investor's day, but we can't say the same about the company's stock so far this week. For the second day in a row, the latte slinger saw its share price decline notably. On Tuesday it fell by 4.5%, a steeper fall than that of the S&P 500 index, on a pair of downbeat new analyst notes.
Probably the more impactful of the two notes was the one from Wedbush's Nick Setyan. The prognosticator has dropped his recommendation on Starbucks by one peg, to neutral from the previous outperform (buy). In doing so, he's reduced his price target to $91 per share; previously it was $105.
Image source: Starbucks.
Source Fool.com
