Many investors seem to be bracing for Starbucks to miss Wall Street’s comparable sales estimates in fiscal 1Q amid indications of a slowdown in U.S. demand, Baird analysts say in a research note. The analysts are lowering their own estimates based on management’s fairly cautious commentary about consumer spending during a conference presentation in December, as well as its unusually aggressive approach to promotional activity during the high-volume holiday season. Those promos and signs of a step-up in personalized marketing suggest Starbucks may have been reacting to the more challenging spending backdrop, the analysts say.