UBS announced on Wednesday that it had raised its price target for Apple from $190 to $236, while maintaining its 'neutral' rating on the stock.

In a research note, the broker reports that revenues generated by the App Store, the Apple company's online application store, rose by around 12% year-on-year in August, following growth of around 11% in July.

The broker points out, however, that the months from September to December will face difficult bases for comparison, since the App Store had seen its sales climb by 13.5%, 13.6%, 12.9% and 13.7% respectively over these four months in 2023.

Recalling that the evolution of sales in services is closely linked to the trajectory of App Store sales, UBS deems it unlikely that its forecast of 13% growth in Apple's business will be exceeded in September.

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