J.P. Morgan lowered its rating on shares of Starbucks to neutral from overweight on Monday.
Starbucks President and Chief Executive Officer Kevin Johnson is pictured at the Annual Meeting of Shareholders in Seattle, Washington on March 20, 2019.to neutral from overweight on Monday, telling investors in a note that further "upside from here is limited" after the stock has climbed over 90% in the past 12 months.
"Price performance following F3Q19 results has exceeded our expectations," J.P. Morgan analyst John Ivankoe said.fiscal third-quarter earnings report beat Wall Street's expectations on Thursday. The analyst pointed out that Starbucks stock pop was "its biggest one-day gain since November 2," Ivankoe said, and takes it "to levels well above even our $91 December 2020 price target."
"Valuation has become beyond a stretch," Ivankoe said. "Plus, being very late cycle often means continued rising labor costs matched with difficulties of generating sustained increases in same-store traffic." Starbucks stock fell 1.3% in premarket trading from its previous close of $99.11 a share. J.P. Morgan stuck to its $91 price target on Starbucks shares. The firm also removed Starbucks from its "Analyst Focus List."
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Barclays, JP Morgan among banks facing UK class action over currency-riggingBarclays , JP Morgan , RBS , UBS and Citigroup are being sued by investors over ...
Read more »
Barclays, JP Morgan among banks facing UK class action over forex-riggingBarclays, JP Morgan, RBS, UBS and Citigroup are being sued by investors over allegations they rigged the global foreign exchange market via iainwithers and Kirstin Ridley
Read more »
Rising temperatures will put 1 billion more people at risk of infectious disease, Morgan Stanley warnsMorgan Stanley warns that a rise in tropical diseases is an 'underappreciated consequence' of rising temperatures. The firm estimates that an additional 1 billion people will be at risk of infection by 2080, and that up to $125 billion in incremental vaccinations will be needed.
Read more »
Fans support Peter Andre as he reveals sad lossPeter Andre has revealed his sadness at the loss of his manager, John Ferriter. Others stars to send tributes include Mark Wright and Piers Morgan
Read more »
Barclays, JP Morgan among banks facing UK class action over currency-riggingBarclays , JP Morgan , RBS , UBS and Citigroup are being sued by investors over ...
Read more »
Barclays, JP Morgan among banks facing UK class action over forex-riggingBarclays, JP Morgan, RBS, UBS and Citigroup are being sued by investors over allegations they rigged the global foreign exchange market via iainwithers and Kirstin Ridley
Read more »