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Apple: UBS keeps 'buy' rating; targets 190 dollars.

(CercleFinance.com) - UBS is maintaining a "buy" rating on Apple shares, with a target price of 190 dollars, after examining a survey of 6,700 smartphone buyers across five countries.

Based on the results, the broker says that buying intentions are "flattish from a year ago," prompting the analyst to say that fiscal year 2017/2018 does not look like a "supercycle," but more like a "solid year."

UBS thinks the stock narrative should shift from iPhone cycles to iPhone annuity, with Apple trying to monetise the installed base through additional products and services.

"For example, the vast majority of iPhone users don't pay for Apple services — we expect new services to be introduced in coming years," the broker wrote in a report.

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