were lower Monday morning after a downgrade by Morgan Stanley.
The company was cut from overweight to equal weight, with the target price at $25. Recently, shares were down 30 cents, or 1.3%, at $23.56.
Morgan Stanley said increasingly difficult same-store sales beginning in January could pressure stock performance, and that the company's risk profile is increased by its greater dependence on international expansion.
Starbucks reaffirmed its expected fourth-quarter earnings of 15 cents a share on Oct. 28. Analysts expect the same.