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,

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

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.