UBS analysts led by David Vogt upgraded their rating on Apple
to buy from neutral and lifted the price target to $142 from $115. “While our analysis of iPhone procurement and mix drives our FY22 estimates higher and our ‘Core’ value to $128 (from $115), our analysis of the auto market and Apple’s multi-year investment in the industry (self-driving car licenses and
LiDAR patents) suggests to us Apple’s auto optionality is worth at least an incremental $14/share,” they said. UBS says an Apple-branded battery electric vehicle, or BEV, could achieve a 5% market share. Apple shares rose 1.8% in premarket trade, but have skidded 10% this year, hurt by the rise in Treasury yields that has pressured other technology giants.