CNBC Pro

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

Share
Key Points
  • 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.
An Apple store in Hangzhou, China.
Zhang Peng | LightRocket | Getty Images

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.

More In Pro News and Analysis

CNBC ProCNBC’s 'Halftime Report' traders answer your questions on Freeport-McMoRan, Roblox and Delta
CNBC ProJeremy Siegel—who called Fed surprise, market decline—says he's not lowering his stock exposure
CNBC ProAmid a tech stock resurgence, this large-cap growth fund manager seeks opportunities elsewhere