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Pro Analysis

A top analyst says only one thing matters for Apple's stock right now: China

An Apple store in Hangzhou, China.
Zhang Peng | LightRocket | Getty Images
An Apple store in Hangzhou, China.

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.