As previously reported, Morgan Stanley analyst John Glass downgraded Starbucks (SBUX) to Equal Weight from Overweight after the company announced a same-store sales shortfall and cut its FY18 guidance.

While the company announced plans for product and digital innovation in reaction to "what is now a clearer pattern of slower U.S. sales," Glass said it is hard to see how much those will impact sales. U.S. unit growth also is being slowed temporarily, but Glass thinks more action on this front may be warranted, he tells investors.

China deceleration was a "negative surprise," and believing in the long-term opportunity there is important to the long-term thesis, added the analyst, who lowered his price target on Starbucks shares to $59 from $72.

The stock was also downgraded to Neutral at BTIG and to Market Perform at Telsey Advisory this morning.