Wake up and smell the coffee, Wall Street.

There's a new reality at Starbucks Corp.  (SBUX) , and it ain't so pretty. 

Following sobering new guidance issued on Tuesday, June 19, the company's shares slumped 7.3% in early trading Wednesday to $53.26 as investors reacted to plans by Starbucks to shutter some 150 U.S. stores next year amid amped-up competition. Global same-store sales now are expected to rise 1% versus the previous consensus forecast of 3%. More details will be coming when the company reports its third-quarter earnings on July 26.

Many analysts who filed notes on Tuesday and Wednesday, though, are maintaining their ratings, perhaps blinded by the Howard Schultz effect, a kind of halo effect, although the former CEO is out the door as chairman on June 29. CEO Kevin Johnson is now in charge.

Here's a rundown of the analysts' notes:

  • Oppenheimer & Co. Maintaining outperform, wrote Brian Bittner in a note following the bank's consumer conference, at which Johnson and Starbucks CFO Scott Maw presented on Tuesday in Boston. "Primary risks to our price target [of $66] are consumer-spending deterioration, coffee cost increases, coffee import tariffs, competition, earnings momentum fall-off, Europe macro headwinds, China macro headwinds, labor inflation and anything that could cause perception of the brand to be impaired," Bittner wrote. That about covers it.
  • Jefferies Inc. Buy, wrote Andy Barish, who added its price target of $69 is based on 15 times enterprise value to Ebitda for 2019. "Although another disappointment and guide-down likely may not be well received," he added, "the stock trades at a relative value compared to some recent improvements in restaurant valuations."
  • BMO Capital Markets Corp. Maintaining market outperform, wrote Andrew Strelzik, who reduced the price target to $56 from $58, "as we await greater visibility into a sustained improvement" in comparable store sales.
  • Piper Jaffray & Co. Maintaining overweight, wrote Nicole Miller Regan, while dropping its price target to $60, down $10, and placing it in the bank's recovery group "as we believe in the long-term strategic plan offset by less near-term upside potential."  
  • Morgan Stanley. Lowering from overweight to equal weight and the price target from $72 to $59, John Glass wrote. He added that further risks to achieving the price target are continuing U.S. and China same-store sales declines and rising costs in coffee and labor.
  • Wells Fargo Securities LLC. Maintaining outperform, wrote Bonnie Herzog, who reduced the price target by $1 to $64. The ratings stays in place, Herzog wrote, due to the company's strong follow-through on many initiatives, its potential as a global powerhouse in retail, its best-in-class loyalty programs and its mobile order platform that shows results.

Starbucks declined further comment on its new guidance and the notes.

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