Apple price target raised to $236 from $190 at UBS

UBS raised the firm’s price target on Apple to $236 from $190 and keeps a Neutral rating on the shares. The firm’s analysis of Apple’s App Store suggests August revenue grew 12% year-over-year, a modest uptick from the 11% growth in July despite a 200 basis point harder compare. However, on a currency neutral basis, August was up 12.4% year-over-year, in-line with July at 12.4% despite a modestly more difficult comp in August, the analyst tells investors in a research note. UBS says that going forward, the months of September through December are tough App Store comps. It believes the App Store is unlikely to contribute upside to its 13.0% forecast in September, Apple’s September quarter Services guide of double digit growth, and the consensus estimate of 13.1%.