Updates

** Jefferies upgrades rating on coffee chain Starbucks' stock SBUX.O to 'hold' from 'underperform' as it sees limited downside to stock in near term after its recent decline

** Shares of SBUX rise 1%

** Stock has fallen 31.1% from its peak in March

** We will monitor the "Back to Starbucks" strategy, focusing on investments in partners and technology to improve operations - Jefferies

** Brokerage maintains PT at $76

** Avg rating of 39 analysts is "hold"; median PT $105 — data compiled by LSEG

** Up to last close, SBUX stock had fallen ~12.7% YTD, compared with a 5.8% decline in S&P 500 restaurants index .SPLRCREST

(Reporting by Akriti Shah in Bengaluru)

((akriti.shah@thomsonreuters.com))