Starbucks (SBUX) shares plunged 5.94% in pre-market trading on Monday, extending its recent downward trend amid analyst downgrades and broader market challenges. The sharp decline comes as investors react to a series of negative analyst reports and adjusted price targets for the coffee giant.

Robert W. Baird, a prominent financial services firm, downgraded Starbucks from Outperform to Neutral, simultaneously lowering its price target from $114 to $85. This significant reduction in the price target reflects growing concerns about the company's near-term prospects. Adding to the pressure, Goldman Sachs also adjusted its price target on Starbucks, reducing it from $111 to $103, although maintaining a Buy rating on the stock.

The negative sentiment surrounding Starbucks is compounded by broader market challenges and economic pressures. Over the past quarter, Starbucks' stock has already declined by 11.84%, mirroring the S&P 500's 6% drop and the Nasdaq's entry into bear market territory. Despite these headwinds, some analysts remain cautiously optimistic, with a consensus price target of $106.25 according to FactSet data. However, today's pre-market plummet suggests that investors are increasingly wary of Starbucks' ability to navigate the current economic landscape, at least in the short term.