Barclays analyst Jeffrey Bernstein lowered his price target for Starbucks to $60 saying the company last night preannounced "disappointing" Q3 global comps and reduced fiscal 2018 guidance. The analyst is surprised by the comp shortfall given that management expressed confidence in April on a second half of fiscal 2018 comp re-acceleration. While happy to see the steps towards maturation, the brand continues to set a high bar of outsized "growth at scale," which will continue to prove challenging, Bernstein tells investors in a research note. He keeps an Equal weight rating on Starbucks.