"We expect shares will come under modest initial pressure given the departure of such a unique talent and visionary, but quickly return to trading on expectations for near-term fundamentals," the Swiss lender said in a client note Tuesday.
Shares of the company fell 1.35 percent overnight after Schultz delivered a memo to employees on Monday announcing his departure as executive chairman.
Credited with building the modern Starbucks, Schultz joined the iconic coffee chain in 1982 as director of operations and marketing, and it has since become a globally recognized brand with more than 28,000 locations around the world.
This week's price dip follows a downward slide of nearly 12 percent for the company's stock price over the last year, thanks mainly to struggling same-store sales in the U.S. This will be a near-term focus for the brand, but earnings-per-share (EPS) will become increasingly attractive as the trajectory of same-store sales improves, UBS said. Earnings-per-share is a key metric used by traders to gauge a stock's value.