UPDATE: J.P. Morgan Lowers PT on Starbucks from $61 to $58

J.P. Morgan reiterated an Overweight rating on Starbucks SBUX and lowered its price target from $61 to $58. J.P. Morgan commented, “We believe Starbucks will grow 20%+ in both F13 and F14, but we're tweaking down estimates due primarily to Europe profitability, with an also lowered China comp. At a recent investor conference CFO Troy Alstead noted “challenging trends [in Europe] have continued...even more than expected” in 3Q. Following an EMEA operating loss of $5.5m in 2Q, we now estimate an operating loss of ~$12m in 2H, relative to prior expectations for an operating gain of ~$11m and a gain of $7.4m in 2H last year.” Starbucks closed at $52.90 on Monday.