Multiple Wall Street firms downgraded Starbucks shares after the company gave weaker than expected sales guidance and announced the closure of all its Teavana stores.
The coffee chain's shares fell 7 percent in early trading Friday.
Starbucks gaveglobal comparable sales growth guidance of 3 to 4 percent for its fiscal fourth quarter versus Wall Street expectations of 5 percent.
As a result, Stifel lowered its rating for Starbucks to hold from buy.
"Our hold rating on Starbucks shares reflects our view that global and US comp store sales will continue their decelerating trend due to macroeconomic factors in retail/restaurants and share loss," wrote Stifel analyst Mark Astrachan in a note to clients Thursday. "We believe both pressures could lead to a need for increased investment to change the current glide path, ultimately resulting in management reducing long-term EPS targets."
Starbucks shares rose only 2 percent in the previous 12 months through Thursday versus the S&P 500's 14 percent return.
Astrachan decreased his price target to $58 from $66, representing 3 percent downside from Thursday's close.