diff --git a/src/cc65/coptind.c b/src/cc65/coptind.c
index 6f62325b5..33b8f660d 100644
--- a/src/cc65/coptind.c
+++ b/src/cc65/coptind.c
@@ -833,6 +833,7 @@ unsigned OptStoreLoad (CodeSeg* S)
 	 */
 	if ((E->Info & OF_STORE) != 0                 &&
 	    (N = CS_GetNextEntry (S, I)) != 0  	      &&
+	    !CE_HasLabel (N)                          &&
        	    (N->Info & OF_LOAD) != 0                  &&
 	    strcmp (E->Arg, N->Arg) == 0              &&
 	    (X = CS_GetNextEntry (S, I+1)) != 0       &&