For Starbucks (SBUX) CEO Brian Niccol to achieve maximum greatness — which would boil down to a sustained turnaround in North America sales by later this year — he must improve consumer perception that the chain’s coffee costs too much.

New data out of JPMorgan on Thursday suggests he has a long way to go on this front.

In New York City, a cup of drip coffee from Dunkin’ Donuts (now owned by restaurant holding giant Inspire Brands) is priced 10% less than Starbucks. An iced latte is 21% cheaper.

Head to Kansas City, Mo., and the issue remains the same. An iced latte at surging coffee upstart Dutch Bros. (BROS) is 13% cheaper than Starbucks. At Scooter’s Coffee in Dallas, a cup of drip coffee is 32% less than Starbucks.

“Overall we believe pricing is fair versus peers but we believe that an opportunity exists to re-boot … pricing architecture,” JPMorgan analyst John Ivankoe wrote in his client note.

Ivankoe said Starbucks could command what it charges given the experience, which was recently improved by introducing free in-store refills and ceramic mugs.

But the earnings results suggest the pricing conundrum has to be fixed.

Starbucks’ most recent quarter showed a 4% drop in global same-store sales as the company pulled back on discounts and consumers shunned its long lines. North America and US same-store store sales dropped 4%.

International sales weren’t any better amid pressure in key markets such as China.

Same-store sales overseas declined 4%, with China dropping 6% year over year.

The company’s operating profit margins in its North America and international segments fell a combined 510 basis points from a year ago. As a sign of its challenging road ahead, Starbucks continued to decline to share guidance for sales and earnings for its current fiscal year. Niccol pulled the guidance back in October to free up space to invest in marketing, staff, and in-store experience.