Citi Cuts Target on Starbucks to $89, Cities Peer Group Multiple Contraction

In a note from Monday morning, Citigroup analyst Gregory Badishkanian maintained Starbucks Corporation's

Buy rating and lowered his price target from $93.00 to $89.00. The firm cited

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.