- UBS sets Apple's price target at $170, bullish on iPhone 8 sales in China.
- By the end of fiscal year 2017, UBS estimates one-third of the Chinese iPhones will be over two years old, suggesting a big upgrade could be due
- Apple, though nearly flat over the past three months, is up by 26 percent since the year began.
UBS top analyst Steven Milunovich has pinned Apple success to its sales in China. Optimistic about iPhone 8 sales, Milunovich raised Apple's price target to $170 and encouraged investors to buy thanks to the iPhone's estimated 15 percent unit growth in China.
A Monday report from UBS models a 30 percent recovery in Chinese iPhone unit sales during fiscal year 2018 following two years of 20 percent unit declines in the Asian country.