Apple Inc (AAPL)

[jimmybob]

China an existential threat to Apple, but likely overblown near-term, says UBS
UBS analyst Steven Milunovich addressed reports that Apple was ordered to stop sales of its iPhone 6 and 6 Plus in China due to an administrative order from the Beijing Intellectual Property Office due to an alleged patent infringement. The company received a stay and is currently still selling the phones, noted the analyst, who calls China an "existential threat" in that the government could decide to favor local suppliers. However, he views that as a long-term threat and said China concerns have likely been overblown in the near-term. Milunovich noted Street estimates for Apple continue to fall but noted the irony that as the product cycle weakens, the ecosystem strengthens with enhancements to Apple's platforms. UBS maintains its Buy rating and $115 price target on Apple shares