In a note from Monday morning, Citigroup analyst Gregory Badishkanian maintained Starbucks Corporation's SBUX Buy rating and lowered his price target from $93.00 to $89.00.
The firm cited inline Q1 results and guidance from Starbucks on Thursday, January 23rd. Badishkanian maintained FY14-16 estimates, but said his lowered price target was related to "multiple contraction by the peer group."
With Starbucks shares down 1 percent to around $74.16 at last check, Badishkanian's new price target represents potential upside of about 20 percent.
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