Starbucks Hopes a Price Hike Perks Up Profit

Assuming that customers continue to drink up despite the price increase, the hike could help Starbucks' bottom line as well. The company has seen costs increase as milk and coffee prices jumped, and it could now pass on those costs -- and more -- to customers.

"I think it's important for them to offset some of the costs, but they're trying to protect their [profit] margin, Milton said.

Of course, some analysts believe the price increase is only a small ingredient in Starbucks' future growth and earnings prospects. Bonavico, for instance, believes the company still can double the number of stores it has in the U.S. Meanwhile, Starbucks could boost revenue by increasing the sales of food or music in its stores, he said. New drinks and the company's recently launched drive-in locations also could juice sales, he said.

"The model is terrific," Bonavico said. "It's far from mature."

"That said," he added, "The stock's got a reasonably healthy valuation."