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Starbucks checks suggest positive traffic trends, says Piper Jaffray
Piper Jaffray analyst Nicole Miller Regan says her domestic channel checks suggest Starbucks' sales and traffic trends were positive in July, August and September. The analyst maintains her up 3.0% same-store sales estimate for the Americas segment in Q3, just below the consensus at up 3.5%. Despite lowering her earnings estimate for fiscal year 2018, Regan believes the risk/reward for Starbucks shares remains attractive. In a research note titled "Guidance Reset Alongside Positive Comps May Re-Align The Stars; Reiterate OW," the analyst says she remains a buyer of the shares with an Overweight rating and $70 price target.