The firm reiterated its "buy" rating and $72 price target on the coffee chain as analysts expect same store sales growth to remain strong in the fiscal 2016 second quarter and earnings to nearly double by fiscal 2019, Barron's reports.
Other analysts also believe the Seattle-based company still has room to grow.
RBC Capital Markets' analysts said earlier this month that the new loyalty program will drive mobile payments growth as well as overall sales growth, Barron's added.
Additionally, economic uncertainty and competitive pricing do not seem to be impacting same store sales, which are driven by coffee offerings and food innovations, Jefferies analysts noted, according to Barron's.
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Separately, Starbucks has a "buy" rating and a letter grade of A- at TheStreet Ratings because of the company's revenue growth, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures and solid stock price performance.
You can view the full analysis from the report here: SBUX
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.