Starbucks Corporation (NASDAQ:SBUX)'s shares took a hit on Tuesday, underperforming the S&P 500's 0.6% decline with a drop of 2.4%. The downturn comes in the wake of a rating downgrade by TD Cowen, driven by apprehensions about potential difficulties in the company's operations in China. TD Cowen analyst, Andrew Charles, revised his evaluation of Starbucks' shares from Outperform to Market Perform on Tuesday. He also reduced his price target from $117 to $107, primarily due to concerns that complications in China could significantly affect Starbucks' stock performance in the near future. Charles highlighted that Starbucks' business narrative for investors would be heavily influenced by China's situation. He cited increased competition in Starbucks' second biggest market as lower-cost alternatives are swiftly gaining a larger market share. In addition to competition, China is currently navigating an economic downturn following the pandemic, which has put financial strain on consumers.