Starbucks' (SBUX) same store sales may improve in the quarters ahead albeit with "less powerful upside than required to turn bullish," Oppenheimer said in a Thursday note.
Oppenheimer analysts said they are staying on the sidelines on the stock even after recent pullback.
"We lack visibility into catalysts for multiple expansion to 30x+ and will stick with our Perform rating until we can identify
a more attractive fundamental setup," they said.
The analysts forecast fiscal 2026 EPS estimate of $3.52, below market consensus of $3.64.
"We're skeptical of the margin expansion built-in," they said.
Price: 82.97, Change: -5.30, Percent Change: -6.00
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