UBS Securities Reiterates Buy Rating, $700 PT on Apple

In a report published Monday, UBS Securities reiterated its Buy rating and $700.00 price target on Apple

. UBS Securities noted, “The Wall Street Journal led with the story that Apple cut its iPhone 5 component orders due to weaker demand. The article says Apple notified suppliers of the cut last month, which is when we and most of the Street reported it. Consequently, it appears this is old news—our analysts indicate no changes since. In December, we reduced our iPhone 5 estimates by 5mn a quarter due to the 30% production cut being reported out of Asia. At that time, our analysts estimated that Mar quarter iPhone 5 production would be 25-30mn and 4/4S 3-5mn. How much of the reduction was a result of inventory rebalancing vs lower demand was unclear, but the cut was greater than seasonal so we took the conservative route.” Apple closed on Friday at $520.30.