Citi sees Starbucks shares falling over the next 30-days, here’s why

Analysts at Citigroup see a near-term downside in Starbucks (NASDAQ:) shares, with the firm initiating a 30-day downside catalyst watch on the coffee chain giant.

The bank said the downside catalyst watch will expire on February 5. They see a risk to Street’s fiscal first quarter 2024 (ended 12/31) top-line numbers due to the weaker US footfall throughout the quarter.

In addition, Citigroup stated there are “risks that challenging weather compares and throughput disruptions regarding the new BYOC platform lead to weakening early F2Q24 high-frequency data and further re-sets in Street expectations into and out of F1Q earnings.”

Starbucks shares are down nearly 9% in the last 12 months, closing Thursday’s session at just above the $93.50 mark. Premarket, it has edged 0.2% lower to $93.35.