Jefferies analyst Andy Barish downgraded shares of cafe chain Starbucks to Underperform from Hold. The surge after the naming of a new CEO is “overdone,” he writes.

Jefferies analysts lowered their rating of Starbucks stock to Underperform, saying the new CEO Brian Niccol isn’t a miracle worker. Andy Barish, Jefferies’s managing director, joins Julie Hyman and Josh Lipton on Market Domination Overtime to discuss his view on the coffee company stock.

It’s too early to get excited about Starbucks Corp.’s prospects for a turnaround even with a new chief executive officer in charge, Jefferies analysts said, assigning a rare sell-equivalent rating to the struggling coffee chain operator.

On Tuesday, before the market open, Barish downgraded shares of the coffee giant to Underperform and lowered his price target to $76, citing "a lot of uncertainty over the next 12 months" following the "big run" in the past six weeks since Chipotle's ( CMG) Brian Niccol was named CEO.

The shock announcement of Chipotle CEO Brian Niccol taking the helm of Starbucks following former boss Laxman Narasimhan’s departure was a much-needed jolt to the coffee giant’s stock: Company shares were up 22% the day after the news, with investors rallying around the potential for a turnaround in Starbucks’ slump.

Starbucks Corp. was downgraded by Jefferies Tuesday, as the analyst firm highlighted a number of hurdles in the path of new CEO Brian Niccol.

Jefferies also cut its price target to $76 from $80 Jefferies downgraded Starbucks Corp (NASDAQ:SBUX) to "underperform" from "hold," with a price-target cut to $76 from $80 before the bell this morning.