Oppenheimer analyst Brian Bittner raised the firm's price target on Starbucks (SBUX) to $101 from $85 and keeps an Outperform rating on the shares.

The analyst also named the stock an "actionable buy idea."

The stock closed Friday down 17c to $86.57. The "attractive earnings power" that accompanies a sales recovery at Starbucks is now underappreciated by investors, Bittner tells investors in a research note. The analyst also believes the company has "powerful self-help catalysts" for accelerating same-store-sales and market share gains, which drives his more bullish stance on the stock's current risk/reward.

Market expectations now properly discount near-term risks related to Starbucks' fiscal Q4 results on October 29.