In a note to clients today UBS analyst Dennis Geiger said Starbucks' (SBUX) - Get Starbucks Corporation Report outlook is all "Rainbows and Unicorns," reaffirming his "Outperform" rating on the stock and $70 price target.

Geiger believes Starbucks limited time offers, including its recently introduced Unicorn Frappuccino, will provide additional same-store-sales benefits.

"Many of our channel checks indicated that drinks were sold out in stores before the promotion ended (with customers visiting multiple locations to find the drink), and stores indicating 20+ customers per day coming in for the viral drink which generated ~180,000 hits on Instagram in just one week," he wrote.

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Shares of Starbucks were higher during mid-afternoon trading on Monday. 

(Starbucks is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a freetrial.)