Why we're still skeptical of Starbucks' turnaround despite a major Wall Street endorsement

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Why we're still skeptical of Starbucks' turnaround despite a major Wall Street endorsement
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'We still have to wait,' Jim Cramer said Thursday. Starbucks is still 'very much in the penalty box,' he added.

A new endorsement of Starbucks from a top Wall Street research firm doesn't budge our skepticism about the coffee giant's ability to deal with the multiple challenges holding back its stock. Goldman Sachs on Thursday initiated coverage of Club name Starbucks with a buy rating and a $100-per-share price target. That price target represents more than 25% upside to the prior session's close.

A store of Starbucks Coffee shop chain located in Amsterdam city center with people sitting inside, enjoying a coffee after shopping in the cafe, while others are walking by.from a top Wall Street research firm doesn't budge our skepticism about the coffee giant's ability to deal with the multiple challenges holding back its stock.

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