Its true, Starbucks shares have fallen 11 percent this year, as the coffee magnate has dealt with a multitude of issues, such as weakened same store sales and flat traffic in recent quarters, but outspoken ex CEO, Howard Schultz, claimed last week that the stock was inexpensive.

Market watchers also remain underwhelmed by Starbucks, and don’t expect anything to change by next term.

Schultz told CNBC’s Jim Cramer in an email on Friday:  “The stock…is cheap and undervalued.”  (cnbc.com “Former Starbucks CEO Howard Schultz says the stock is ‘cheap’ but some say it’s cheap for a reason”)

Schultz’s statements came following one of the stocks worst weekly performances in over 6 years.  It was so bad, that it caused the coffee chain to make a public announcement that they would be closing 150 locations in 2019.  (This is triple the usual rate of 50 closes per year)  Starbucks also received a downgrade from Morgan Stanley, who claimed it was due to slow franchise growth in the U.S. and China.

Currently, the stocks valuation is higher than the broader market, by traditional standards.  It has a forward 12 month price-earnings ratio of 19.5, compared to the S&P 500’s 16.6.  The analysts reporting on Starbucks are giving it an average overweight rating and a $61.87 per share target, which implies and upside of slightly over 20%.

“When companies go through these restructurings, and they’re closing down stores, a lot of times, most times, investors have to realize they bleed out the truth one drop at a time,” Bear Traps editor Larry McDonald said on “Trading Nation” on Friday.  He also stated that he sees a drop for Starbucks of 10 to 20% from current levels due to the lack of steady growth.

We aren’t strictly concerned with international growth when we give a cautious outlook to a company.  Some of the big Wall Street analysts claim no new creations or innovations in beverages is another reason for the decline.

On Monday, Starbucks shares were trading 1.7% lower.