Apple price target raised to $287 from $280 at UBS

UBS raised the firm’s price target on Apple (AAPL) to $287 from $280 and keeps a Neutral rating on the shares. Supply chain checks and sell-through data indicate modest upside to iPhone estimates and at least in-line demand for Mac products such as Neo and Mac mini, the analyst tells investors in a research note. Services growth is expected to remain steady but not exceed current assumptions, with strength in payments offset by softer App Store growth, while gross margins are expected to land near the midpoint of guidance, leading to slight EPS upside versus current estimates, the firm says.