Bull case and bear case
The bull case is the strongest realistic argument for why a could do well; the bear case is the strongest realistic argument for why it could struggle. The bull case lays out the catalysts, strengths, and conditions that would need to hold true, and the bear case lays out what could go wrong.
Laying out both cases honestly, rather than only the one an investor already believes, is a useful discipline for stress testing an before committing money to it, and for understanding what would need to change for the original to be wrong.
For a hypothetical coffee chain, the bull case might be that new stores keep opening at strong returns and loyal customers accept regular price increases. The bear case might be that the chain is running out of good locations, so new stores start taking from existing ones, while cheaper competitors pull price sensitive customers away. Both cases rest on things an investor can track over time: how at existing stores trend, how new stores perform, and whether price increases stick without losing customers.
A useful test is whether each case holds up against the other side's strongest argument. A bull case that only works if nothing goes wrong is wishful thinking, and a bear case that ignores everything the company does well is just pessimism. Writing down in advance the signs that would prove each case wrong turns the exercise into something that can be checked against what happens next.