UBS Reiterates Buy Rating on Apple (AAPL) Following Survey

UBS analyst Timothy Arcuri reiterated a Buy rating and $225.00 price target on Apple (NASDAQ: AAPL) following a survey of 4,200+ iPhone users across four countries. The survey implies ~500MM of the ~915MM iPhone installed base is firsthand, and nearly all of the elongation in upgrade rates has been from the "tail". The survey also suggests a particularly strong Apple TV+ opportunity given ~1.9 video streaming services per respondent and >50% of respondents showing strong interest.

Assuming $9.99/mo pricing for TV+ and Arcade and a conversion rate lower than indicated interest levels, the survey suggests these three new services could each add ~$6-7B/yr – or ~50% incremental to F18 services rev in total.

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 $200.01 yesterday.

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