Starbucks Declines on Concern About Loyalty-Program Backlash
- Analyst downgrades stock, saying customer traffic may slow
- Coffee giant is scheduled to report earnings on April 21
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Starbucks Corp. fell the most in more than two months after Deutsche Bank AG downgraded the stock, saying that changes to the company’s loyalty program may hurt customer traffic.
The shares fell as much as 4.2 percent to $58.37 on Tuesday in New York, marking the biggest intraday drop since Feb. 5. Starbucks had gained 1.4 percent this year through Monday, while the Standard & Poor’s 500 Index slipped 0.1 percent.