Wedbush Just Slashed Its Price Target on Starbucks (SBUX) Stock

Starbucks (NASDAQ:SBUX) shares fell hard overnight after earnings missed estimates and the company cut its forecast for the year.Net income of $772.4 million, or 68 cents per share, came in down from a year ago. Meanwhile, sales of $8.56 billion fell 1.8%. Management blamed a “complex operating environment.”Starbucks opened May 1 at about $76 per share and currently has a market capitalization of around $84 billion. Shares closed on April 30 at more than $88 per share. Wedbush recently cut its price target ...