Apple (NASDAQ:AAPL): After performing supply chain checks, UBS says that Apple’s near-term fundamentals are mediocre and that there may be possible delays for new products, and that Street estimates have further to fall. However, new products and services and additional carriers will serve as catalysts later in the year. The firm rates Apple’s shares a Buy, with a $560 price target.
Bernstein is optimistic that Apple is more willing to issue debt to return more cash to shareholders than it was previously, and thinks that the company must return $22 billion to its shareholders in 2013 in order to provide a catalyst to the shares. By raising the dividend by that amount could create a floor of $470 for the shares, and the firm reiterates an Outperform rating.