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Baseman lowers Starbucks (SBUX) to Hold.
Despite the compelling long term story of growth, Starbucks' recent uptick stretches their valuation to a forward P/E north of 30. Starbuck announced they will incur higher restructuring charges reconfiguring their stores to focus on walk-up and drive-thru traffic originated from its mobile app. Expect Cap-ex to impact earnings through the end of 2021. Plus, who can afford fancy coffee in this economy.