Instant Alert: UBS: Apple could be worth a lot more than people think

MANAGE SUBSCRIPTIONS   |   UNSUBSCRIBE   |   VIEW ONLINE   UBS: Apple could be worth a lot more than people think by Seth Archer on May 31, 2017, 12:30 PM Advertisement The much anticipated iPhone 8 might lead to as much as a 24% increase in Apple's stock price, according to research from UBS. Shares closed at $153.67 Tuesday, and according to UBS analyst Steven Milunovich, they could climb as high as $190. The average analyst 12-month price target for Apple's stock is $163.80, according to Bloomberg data. In a note sent out to clients on Wednesday, Milunovich wrote he expects an iPhone "supercycle" to drive higher revenues for Apple. The iPhone 8 is rumored to be more of an upgrade than the previously released iPhone 7, which could lead to more consumers upgrading when the device is released later this year. The iPhone 8 is expected to be sold at a higher price than previous versions, leading to higher revenues, according to Milunovich. His analysis is based on sales growth of 15%, at an average selling price of $730 per phone. The analyst consensus estimate for gross margin in 2018 is 38.2%, while UBS estimates it will be higher at 39-40%. UBS raised its price target to $170, with an upside of $190.    Share the latest business news with your network:    Email sent to:   |   Manage your email preferences   |   Unsubscribe Terms of Service   |   Privacy Policy Business Insider. 150 Fifth Avenue, New York, NY 10011