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.

Shares of Starbucks Corp. SBUX slipped 1.08% to $94.45 Tuesday, on what proved to be an all-around favorable trading session for the stock market, with the S&P 500 Index SPX rising 0.25% to 5,732.93 and the Dow Jones Industrial Average DJIA rising 0.

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.

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.

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.

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