We are in the heart of the first earnings season of 2024, and the most shocking report so far may have been from (NASDAQ: SBUX). The coffee giant posted a sharp downturn in traffic and comparable-store sales, leading the stock to stumble even further. Shares are now down 25% year to date, while the S 500 is up 9%.

A once-beloved stock, Starbucks has underperformed the S 500 over the last five and 10-year periods. It now trades at a discounted earnings multiple as investors sour on the company's growth prospects in North America and China. But does this create an opportunity for contrarian investors looking to buy the dip?

Let's take a closer look to see if Starbucks is a buy right now.

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Source Fool.com