What Are Starbucks Stock Bulls Not Worried About?

Investors are pricing Starbucks (SBUX) stock at 55.7 times its earnings over the last twelve months, well above the 22.7 multiple for the S&P 500. That premium suggests a bet that U.S. customer visits will keep rising and profit will continue its recovery. The company delivered a fourth straight quarter of comparable sales growth in fiscal Q3 2026. Yet executives used the accompanying earnings call to acknowledge pressure on U.S. consumer sentiment. So what is that pressure.