Starbucks Corp. was downgraded to market perform at Bernstein on the business shift to China from the U.S. However, the shift is “just not fast enough to offset the U.S.” deceleration, analysts wrote in a Monday note. Bernstein’s price target is $64. U.S. same-store grew 2% in the fiscal first-quarter. Among the explanations that Starbucks has given for U.S. deceleration are challenges to loyalty program membership and slowing retail traffic. However, analysts highlight new stores and sluggish gift card sales in December “confirms in our mind that the company has reached a point where it should be growing generally in line with the industry, not ahead of it,” analysts wrote. Starbucks shares are down 0.7% in premarket trading, but up 3.3% for the past year. The S&P 500 index is up 25.2% for the last 12 months.
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