12:29 PM EDT, 05/01/2024 (MT Newswires) -- Starbucks ( SBUX ) shares dropped nearly 17% in recent Wednesday trading following a string of analyst actions after the company reported its fiscal Q2 results late Tuesday.

Morgan Stanley, which called the fiscal Q2 performance worse than anticipated, trimmed its price target on the stock to $104 From $115.

JPMorgan also lowered its price target to $92 from $100, while Jefferies brought it down to $84 from $94.

Meanwhile, Deutsche Bank downgraded the stock to hold from buy and cut its price target to $89 from $108.

Starbucks ( SBUX ) reported fiscal Q2 non-GAAP earnings of $0.68 per share, down from $0.74 a year earlier.

Analysts polled by Capital IQ expected $0.80

Net revenue for the quarter ended March 31 was $8.56 billion, down from $8.72 billion a year earlier. Analysts surveyed by Capital IQ expected $9.16 billion.

Comparable-store sales during the quarter were down 4% worldwide, the company said.

Analysts polled by Capital IQ expected 1% growth.

Price: 73.56, Change: -14.93, Percent Change: -16.87