The market, she wrote in her note, “is underestimating the power” of the company’s foray into mobile payments — which represented an eye-popping $1 billion in revenues in 2013. She also noted Starbucks’ “innovation” in new food and beverage offerings. Starbucks’ La Boulange baked goods are now available in half the company’s stores, and a new line of “handcrafted” carbonated beverages will be available in a third of the chain’s locations this summer. Add planned international expansion to that mix, and Starbucks is poised for a “new era of growth,” she concluded.

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Share prices had softened over the previous couple of weeks due to a slightly disappointing earnings announcement on January 23, as well as continued concerns about the Brazilian coffee crop. But those factors seem to have opened up a buying opportunity, since the bean-supply issue is temporary and the company’s earnings, despite missing expectations, were pretty strong.

Perhaps the most striking thing about Herzog’s note is that she sees appreciable growth ahead not only globally, but in the U.S. market as well. That the ubiquitous Starbucks might still have that much room to grow in its home market should put concerns about Starbucks’ recent earnings volatility to rest.