UBS Reiterates Buy on Apple (AAPL) Following Product Launch
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UBS reiterated a Buy rating and $115.00 price target on Apple (NASDAQ: AAPL) following the company's New product announcements. The iPhone 7 and 7 Plus came as advertised. The 7 starts at $649 and the 7 Plus at $769 with a storage range of 32-256GB, doubling storage at all tiers including for the 6/6s. New Apple Watch hardware is heavy on fitness improvements, including water resistance for swimming and built-in GPS. There also is an Apple Watch Nike+ for running.
Analyst Steven Milunovich commented, "Although investors have come to expect great product leaps from Apple, the fact is that that technology mostly improves in gradual steps. Calling today's announcements incremental is not to denigrate them. Speculation was again correct, so there were few surprises. Nevertheless, the combination of iPhone 7 advances (camera, battery life, screen, wireless earbuds, stereo speakers, water proofing) and Apple Watch Series 2 sport capabilities keep offerings competitive until more differentiation arrives next year."
Shares of Apple closed at $108.36 yesterday.
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