Jefferies analyst Andy Barish cut his price target on Starbucks (SBUX) to $61 from $69 following last week's guidance cut and May's strategic alliance with Nestle (NSRGY). Barish tells investors in a research note that "clearly a transition is taking place," with Starbucks moving from visible growth to a choppier growth company. Barish, who believes the stock is bottoming and valuation supports his Buy rating, reduced his FY18/FY19 EPS view to $2.75/$2.40 from $2.75/$2.59 based on updated guidance on softer same-store sales in the Americas and China and deleverage. While the China growth story remains, Barish believes the SSS shortfall could persist "for some time" until Starbucks resolves internal Mobile Order and Pay and partners on delivery.