Baird analyst David Tarantino previewed Starbucks' Q1 earnings report and believes the short-term setup does not look compelling. He expects the company to demonstrate solid performance despite signs of widespread softness in December for the retailer and restaurant industries. Tarantino said the stage is set for the company to drive an acceleration in comps momentum and views the near-term risk/reward favorably, adding that he would be an aggressive buyer on any short-term pullbacks. Tarantino reiterated his Outperform rating and $65 price target on Starbucks shares.