Starbucks' weak performance outlook pushed down its share price

A group of analysts cut their share price target for Starbucks, a famous US coffee chain operator, on Friday, mainly because of the company's weak performance outlook, which sent Starbucks shares down nearly 11 per cent in intraday trading on Friday.

According to a recent survey by analysts at research firm FaceSet, market analysts' average expectations for Starbucks' target share price fell 7 per cent to $60.26 a share. For fiscal year 2013, analysts now expect Starbucks to earn an average of $2.17 a share.

Brokerage Baird downgraded Starbucks to neutral from buy, lowering its target price for Starbucks from $65 to $50 per share; Goldman Sachs lowered its target price for Starbucks from $63 to $57; Standard & Poor's Capital IQ lowered its target price from $63 to $56 per share; JPMorgan Chase lowered its target price from $58 to $54 per share. Lazard lowered its target price from $69 to $64 per share, while Wells Fargo lowered its target price range for Starbucks from $51 to $53 per share to $47 to $49 per share.