A proprietary UBS Evidence Lab survey of 4,000 consumers around the globe—1,000 of them in China—found such positive sentiment on Apple that Milunovich raised his price target to $125 per share, from $115 per share.
"The Chinese were more likely to want to buy an iPhone than in the other three countries," he said. "The retention rate of Apple is by far the highest of any handset vendor. And in China, they actually prefer the 6 Plus, the larger phone, which is good for Apple."
On CNBC's "Halftime Report," Milunovich said despite strong demand for Apple "everywhere," he was "a bit surprised" by the survey's even more optimistic results.