Apple (AAPL): Buying Interest Lowest Since 2008 - UBS

UBS analyst, Steve Milunovich reiterated his Buy rating on shares of Apple (NASDAQ: AAPL) but noted that buying interest is the lowest since 2008. 451 Research's June smartphone survey of 4,168 North American consumers found smartphone buying interest at the lowest levels since 2008. Samsung has gained momentum while Apple has held steady. The weakness likely extends globally.

Channel checks from the UBS China telecom team have indicated further slowdown in handset sales in the June quarter and relatively weak 4G subscriber additions (link). Also, AT&T said its 2Q overall subscriber upgrade rate 4.6% vs 5.8% a year ago.

No change to the price target of $115.00

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $98.66 yesterday.

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