Apple shares collapsed earlier this month after warning that iPhone sales would fall short because of weakness in the China economy.
Starbucks will be next, according to Goldman Sachs.
The firm downgraded the world’s largest coffee seller to neutral from buy on Friday, citing “a number of points of caution on China.”
“The recent AAPL (Apple) announcement (while potentially also product-driven) cited trade concerns/macro, and MCD (McDonald’s) acknowledged softer trends in the region at a late November event,” wrote analyst Karen Holthouse in a note to clients. “The GS macro team also expects a continued slow down in GDP, at least partially driven by consumption.”
Goldman also lowered its price target on Starbucks to $68 from $75. The shares fell more than 2 percent in premarket trading Friday to $62.51 following the Goldman call.