The firm says the set up for the stock is not as favorable now that shares have climbed north of $100.
It's time to move to the sidelines on Starbucks , according to Deutsche Bank. Analyst Brian Mullan downgraded shares of Starbucks to hold from buy, saying gains for the stock will be harder to come by after a recent run-up. "[We] are not negative on SBUX; but rather we are simply moving to Hold on what we deem to be a balanced Risk Reward scenario at present," Mullan wrote in a Monday note.
Now that both scenarios have played out, the analyst says the setup for the stock is not as favorable as it was before. Shares closed Friday at $105.05. "In essence, with SBUX, we think the 'easy part' of the move has probably taken place with the stock at ~$105, which is the reason for the ratings change at this point in time. We consider ourselves to be truly neutral at current levels; neither positive nor negative," Mullan wrote.
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