Starbucks price target lowered to $104 from $115 at Morgan Stanley

Morgan Stanley analyst Brian Harbour lowered the firm’s price target on Starbucks to $104 from $115 and keeps an Overweight rating on the shares. Q2 was “worse than we and others expected” across the board, the analyst tells investors. However, the “worst may be in, and numerous plans to improve were laid out,” added the analyst, who says “building credibility, like comps, maybe takes some time.”