Starbucks is trading 4.7% down at $89.16 after reports it explored a potential takeover of Chipotle.
- Reuters reported Starbucks had worked with advisers on a possible proposal; the deal’s status is unclear, and no formal offer was confirmed.
- Shares fell as much as 6% earlier in trading. UBS cut its price target to $105 from $112, maintaining its Neutral rating.
- Broader markets were lower, but not by as much as Starbucks.