UBS raises Apple to buy, ups price target 56 pct

UBS upgraded Apple Inc (AAPL.O) to "buy" from "neutral" and raised its price target on the stock by 56 percent and its iPhone estimates for fiscal 2010 by 39 percent.

The brokerage expects the growing installed base of iPhone users, combined with the stickiness of the App Store, to drive a recurring hardware revenue stream.

Continued iPhone expansion driven by new partnerships are also expected to help iPhone hardware revenue, analyst Maynard Um said in a note to clients, and raised the price target on Apple stock to $265 from $170.

Read Full Article from Reuters

- Posted: 2009-10-02 13:11:08

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