By Dhirendra Tripathi
Investing.com – Apple shares (NASDAQ:AAPL) rose nearly 2% Thursday as UBS’ reiterated its buy call on the stock, coming after a survey by the brokerage showing consumer intent to purchase an iPhone is at its highest in five years.
UBS analyst David Vogt has a $155 target for the stock, an upside of 22% from its current level of $127.
The survey revealed continued high awareness about Apple’s products and services, according to StreetInsider. The underlying purchase intent implies the iPhone maker’s ecosystem remains "sticky," cementing hopes of more consumer spending on Apple products and services.
"Roughly 37% of respondents noted they were either 'likely' or 'somewhat likely' to purchase a smartwatch, up 500 basis points year-on-year while over 80% of respondents noting they are 'aware' of the Apple Watch (88% in the U.S.) with 33% either 'likely' or 'somewhat likely' to purchase a new Apple Watch compared to just 27% in the year ago survey,” the analyst noted as per StreetInsider.
UBS Evidence Lab surveyed over 7,000 smartphone users in the U.S., China, the U.K., Germany and Japan to estimate smartphone demand.
iPhone retention rate reached 86%, the highest level in seven years with interest in 5G modestly improving, StreetInsider reported.