Cleveland Research Says Starbucks' Comps Growth May Have Recently Moderated
Shares of Starbucks (NASDAQ: SBUX) 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.
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