iPhone Monitor: Here's What UBS Is Saying

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In a report published Friday, UBS analyst Steven Milunovich estimated that
Apple Inc
sold 66 million iPhone units during the March quarter, far above the consensus of 54 million. Milunovich added that he monitors Google Trend searches for "iPhone" and that global searches are up 21 percent year over year in January and February. The analyst stated that China was the "primary driver" with searches rising by 115 percent year over year and seven percent sequentially. "We have heard anecdotally that Apple is of aspirational interest in China with some users dissatisfied with the experience of less expensive phones," Milunovich argued. Meanwhile, U.S. searches are flat year over year and down 26 percent sequentially, which is "reasonable," according to the analyst. The analyst raised his second quarter revenue estimates to $58.8 billion from $56.8 billion while also raising his earnings per share estimate to $2.36 from $2.24. Shares are Buy rated with a $150 price target.
Posted In: Analyst ColorAnalyst RatingsiPhoneiPhone ChinaSteven MilunovichUBS
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