Bernstein analyst Sara Senatore lowered her price target for Starbucks (SBUX) to $58 from $64, while reiterating a Market Perform rating on the shares. The analyst notes that the company raises prices about 1%-2% annually, but brewed coffee prices have increased nearly twice as fast, potentially creating a greater opening for competitors. Compared to Restaurant Brands (QSR) competitors, Starbucks brewed coffee now sits at a about 38% rice premium to the former's, he points out. Further, Senatore argues that coffee prices have been historically low, making the timing of the price increases more notable and raising questions about the ability to pass through future commodity price increases.