Shares of Apple rose on Tuesday, following a hike in price target at UBS.
Analysts at UBS raised their price target on the iPhone maker’s shares to $166 a share from $155. They affirmed a buy rating on the stock.
Analyst David Vogt mentioned “aggressive carrier promotions in the U.S. and strength in China” as factors that should boost iPhone units to at least 44 million in the June quarter, up almost +15% year over year and about +5% above UBS prior forecast. UBS expects iPhone sales to rise +12% year over year to 85 million in the second half of the year, on the back of the next phone launch in September.
Analysts at UBS increased their earnings estimates for Apple to $1.01 a share up from the previous view of 95 cents a share. They also raised their revenue forecast to $74.7 billion from prior estimate of $71.3 billion.