A 3.1% increase in like-for-like sales in February following an increase of 14% in the same month in 2000, while a proclaimed move into boosting lower margin coffee sales disconcerted brokers.
Schroder Salomon Smith Barney cut its pre-tax profit estimate by 24% and Goldman Sachs 5% to £43.7m.
Goldman is still convinced of JD Wetherspoon's strength, however, and repeated its "market outperform" rating.
One American broker was understood to have cut the stock back to an "outperform" from "strong buy"
Williams de Broe was bullish and repeated its "buy" recommendation. It played down market concerns about margin pressure.