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Starbucks: Jefferies downgrades stock

( - On Wednesday Jefferies downgraded Starbucks shares to "hold" (from "buy"), while maintaining its target price for them at 100 dollars.

In a report, the broker says that it wants to steer clear of the stock after its big 40% rebound from its May lows, citing a more balanced risk/reward profile at current prices.

The analyst also said he had lowered his earnings guidance for FY 2023 and 2024 due to concerns about the health of the US economy and the state of non-essential consumption in the US.

Jefferies believes that the stock is currently fairly valued, with the stock now set to be in a limited trading range.

Closing down slightly at 98 dollars yesterday, the share is down about 1% in pre-market trading today.

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