- BTIG analyst Peter Saleh reduced the price target on Starbucks Corp (NASDAQ:SBUX) to $110 from $130 and kept a buy rating on the shares. The revised price target implies a 37% upside.
- The analyst also cut his FY22 and FY23 earnings estimates after factoring in the uncertainty of unionization, the high probability of wage and benefit investment, and share repurchase suspension.
- Related: Starbucks Suspends Buyback To Focus On Investing In Operations; Schultz Takes Helm
- Saleh remains optimistic about the company's continued sales recovery, unit development momentum, and long-term sales potential.
- Starbucks workers started off a union campaign, voting in several places for unionization, upending decades of union-free labor at the company's corporate-owned stores.
- Also Read: Starbucks Plans Better Benefits For Some Workers In Bid To Discourage Unionization
- Price Action: SBUX shares are trading lower by 0.28% at $80.99 on the last check Wednesday.
- Photo Via Wikimedia Commons
