Read Why BTIG Slashed Starbucks Price Target By 15%

BTIG analyst Peter Saleh reduced the price target on Starbucks Corp 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.
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