Shares of Starbucks (SBUX) - Get Report were inching lower in afternoon trading on Thursday despite an upbeat note from investment firm Cowen, who reiterated its "Outperform" rating on the stock and $63 price target.

"The key to share appreciation remains reaccelerating domestic comps, with an emphasis on innovation, growth in MSR members and improving thru-put during peak morning hours," Cowen analyst Andrew Charles and team noted. 

Cowen met with Starbucks' management on Wednesday where it spoke to its CFO Scott Maw, Adam Brotman, EVP, global retail operations and partner digital engagement and Tom Shaw, VP investor relations.

The analysts note that at the current mid-point in Starbucks' long-term guidance, the coffee giant implies 5% global same-store-sales growth and 17% earnings growth. The team has been projecting comp growth of 3% to 5%, and earnings growth of between 12% to 17%.

But the coffee giant must work towards several initiatives if it hopes to realize its earnings and comp goals, namely bolstering is loyalty program and fixing its thru-put problem, Cowen said.

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