Cleveland Research Says Starbucks' Comps Growth May Have Recently Moderated

Shares of Starbucks

are holding below the $79 level Thursday afternoon, down more than 1.5 percent at last check. Traders in the name are responding to an earlier research note from Cleveland Research's Jason Whitmer. Citing tough year-over-year comparisons and consumers which have slowed spending recently, Whitmer believes same-store sales within Starbucks Americas region have moderated. The Cleveland analyst is currently modeling for fourth-quarter comps growth in the range of six to seven percent, revised lower from a previous estimate of seven percent growth. Whitmer assured Starbucks' sales will be find over the long term as the issues are on a macro level -- not specific to the company. Starbucks shares last traded at $78.74.