Starbucks Corp SBUX is trading lower Friday after the stock was downgraded at Baird.
Baird analyst David Tarantino downgraded Starbucks from an Outperform rating to a Neutral rating and lowered the price target from $126 to $116.
Tarantino noted that he remains optimistic about Starbucks' long-term outlook, but he is concerned about shorter-term prospects as a result of uncertainty surrounding China.
The Baird analyst also cited other short-term headwinds that could impact the stock in 2022.
Related Link: Where Starbucks Stands With Analysts
Starbucks is one of the most widely recognized restaurant brands in the world, operating more than 33,800 stores across 83 countries as of the end of the firm's fiscal 2021.
SBUX Price Action: Starbucks has traded as high as $126.32 and as low as $95.92 over a 52-week period.
The stock was down 3.38% at $109.76 at time of publication.
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