UPDATE: UBS Starts Apple (AAPL) at Buy; Not Finished Building The Empire

July 11, 2012 7:07 AM EDT
Get Alerts AAPL Hot Sheet
Price: $120.00 +0.18%

Rating Summary:
    60 Buy, 10 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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(Updated - July 11, 2012 11:01 AM EDT)

UBS initiates coverage on Apple (NASDAQ: AAPL) with a Buy. PT $740.00.

Analyst, Steven Milunovich, said, "AAPL is creating a tech empire that likely has not reached its zenith. Our Wave Principle teaches that empires don’t last. We recommend the stock, however, because the relatively low valuation seems to discount a too-pessimistic future given moderate smartphone and tablet penetration as well as potential new products."

The pattern in four of the last five iPhone introductions is for the stock to consolidate before and after the intro then take off. Although earnings growth should slow, the low valuation suggests more price upside if Apple beats estimates.

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 $608.21 yesterday.

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