Starbucks' (SBUX) near-term same-store sales trends are expected to remain negative into fiscal Q3, Oppenheimer said in a note emailed Wednesday.

The investment firm estimates North America SSS decline of 1.5% to 2%, using the last two years as a basis, versus the Street's estimate of a 1.2% rise, according to the note.

Oppenheimer said it cut its earnings-per-share expectations for Starbucks to $2.70 from $2.90 for fiscal 2025 and to $3.27 from $3.52 for fiscal 2026, reflecting lower SSS and earnings before interest and taxes margins.

"Despite our estimate reductions, we believe our '26E EPS still holds elevated risk as we only model North America store opex per operating week growing +1.8%, significantly slower than the +5.4% in '25E," the firm said.

Oppenheimer reiterated its perform rating on the company's stock.

Starbucks shares fell nearly 7% in recent Wednesday trading.

Price: 78.94, Change: -5.91, Percent Change: -6.97