While the share count has been reduced by 20% over the five years, the suspended buyback seems prudent in light of the balance sheet deterioration and higher interest rates to fund debt. Schultz has indicated these buybacks also came at the expense of investing in stores and employees during his absence. "This decision [to suspend the buyback] will allow us to invest more profit into our people and our store - the only way to create long-term value for stakeholders," Schultz wrote. Starbucks may start feeling some additional pressure from competition. Dutch Bros ( BROS ) is expanding rapidly, with plans for 4,000 domestic locations, up from just over 500. Although Dutch Bros. currently produces only a fraction of Starbucks' sales, they attract an important younger demographic. I wrote in February about the highly unattractive valuation of BROS at around $60, yet the nationwide expansion is undeniably gathering steam. Wedbush downgraded Starbucks to neutral on Tuesday, surprised by the suspended buyback.