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Two Ways: UBS Upgrades Apple

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Strengthen your portfolio in good times and bad.

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Apple Upgraded by UBS

Early this morning, UBS upgraded Apple (AAPL) to "Buy" from "Neutral" and raised its price target to $265 from $170.

UBS based its upgrade on "recurring" iPhone hardware revenue, continued growth of the App store, and new partnerships that will expand the reach of the iPhone. In the note, UBS also said it believes upward revisions to consensus estimates are likely because they believe gross margin potential has been underestimated.

For the future, UBS sees Apple working on a service that would provide seamless access and mobility to all of its digital content.

From the Bull Pen: With Apple trading higher in the face of down futures, it's a sign of more demand. Watch for extra volatility after the jobs numbers, but for short-term traders, consider playing the stock with a sell stop below the 20-day moving average (currently $179.45).

From the Bear Cave: Bears looking for a downside play can keep an eye on Baidu (BIDU) at $400 resistance. Watch for more downside follow-through. A buy stop can be set 2% above entry.

A Quick Check Around the World

Asian trading closed with the Nikkei -2.47%, India (Closed), Hang Seng -2.77, Shanghai (Closed), and Taiwan -1.77%.

Across the pond, we see the FTSE -0.76%, CAC -1.17%, DAX -0.67%

As of 8:15 a.m. EST, S&P Futures are trading -3.50 to 1023.75 and Nasdaq futures are -6.000 to 1664.50.

A Look at Commodities

Over in commodities, crude oil is -1.21 to 69.61 while gold is -3.20 to 997.500 this morning. Silver is -0.23 to 16.21 and copper -5.550 to 268.15.

The dollar index is +0.025 to 77.4400.

On the Radar

Economics

08:30 Average Workweek (33.1 cons.)
08:30 Hourly Earnings (0.2% cons.)
08:30 Non-farm Payrolls (-188k cons.)
08:30 Unemployment Rate (9.8% cons.)
10:00 Factory Orders (1.1% cons.)

Good luck and have a great weekend!
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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