Goldman Sachs has downgraded Starbucks stock to “neutral” , from “buy”. Goldman is concerned that macroeconomic weakness in China could hurt coffee sales. The investment company also lowered its price target on the coffee chain to $68 from $75.
China will cut its GDP growth target for 2019 to 6 percent from 6.5 percent at a government meeting in March, according to a Reuters report citing policy sources. China’s policymakers are also reportedly considering stimulus measures to boost the economy amidst trade tensions with the U.S. and slowing domestic demand. China's challenges seem to have dimmed Goldman analysts' outlook on Starbucks' global income.