The shares of Apple boosted by 0.74% to USD504.77 following UBS' analysis, of which the research firm increased the price target of the tech giant's stocks.
UBS analysts Peter Christiansen and Steven Milunovich both raised their price target to USD560 per share from USD500. Christiansen and Milunovich projected a USD44.65 per share earnings in the fiscal 2014, an increase from their earlier estimate of USD42.29 per share. Also, they both expected an earnings per share of USD48.45 in the fiscal 2015, higher than the previous USD45.80 forecast. The two UBS analysts kept their buy rating for Apple, citing boosted opportunities of an agreement with China Mobile, the latter being the biggest carrier in the world. Considering around 100 million 3G users and potential customers for Apple, a deal with China Mobile would present massive potential.
"We expect a deal to be struck with China Mobile before year end," Milunovich said in his written note. He also projected an additional 17 million Apple iPhones in shipments via China Mobile in fiscal 2014. Around 70% of the total iPhone sales would be iPhone 5C, and the outstanding 30% would be sales for iPhone 5S.
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