UBS on Apple (AAPL): 'iPhone sell-through lags the market as demand remains muted in the US, China, and Europe'

UBS analyst David Vogt reiterated a Neutral rating and $236.00 price target on Apple (NASDAQ: AAPL).

The analyst commented: "Based on our analysis of Counterpoint data, global iPhone units were up 3% YoY in the month of January, growing roughly 200 bps slower than the overall market as China smartphone growth of almost 18% YoY was the key driver of market growth. However, in China, iPhone sell-through declined a little more than 2% contributing to the relative underperformance. In the US, iPhone sell-through declined ~2.5% compared to a market decline of 4.4% while iPhone sell-through in Europe was soft declining roughly 8% YoY while the smartphone market was up almost 1%. The bright spots in January were India, iPhones up ~57% YoY, and "Other" markets that saw iPhone sell-through up almost."

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 $241.84 yesterday.

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