Starbucks gets a price target cut after a brutal quarterly miss and light guidance

A Starbucks coffee cup sits on a table at a store in Manhattan, New York City, on Jan. 30, 2024.

Spencer Platt | Getty Images

Starbucks shares plummeted Tuesday evening by roughly 11.5% after the coffee giant delivered a much weaker-than-expected quarter. The company also cut its outlook for fiscal 2024, leaving little room for optimism of a quick rebound in traffic at its stores.