Apple rises as UBS sees highest iPhone purchase intent in six years on back of survey
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Apple (NASDAQ:AAPL) shares rose on Monday as investment firm UBS said it saw the highest purchase intent in China for the iPhone in six years, following a recent survey.
Analyst David Vogt, who rates Apple (AAPL) shares buy with a per-share price target of $185, noted that purchase intent in China rose nearly 6% year-over-year, the highest in six years, which suggests "the iPhone 13 series is driving share gains from local brands."
In addition, Vogt noted that although purchase intent in the U.S. was the softest in two years, down 4% year-over-year, overall retention rates for the iPhone are at 87%, up 1% year-over-year and at 78% in China, up roughly 7% year-over-year.
Apple (AAPL) shares rose nearly 1% to $138.68 in premarket trading on Monday.
Vogt also pointed out that the age of the iPhone base is "largely stable" at roughly 19.5 months across the globe, which is flat compared to last year, but it has improved in China.
"The average age of the iPhone base in China declined to 12 months from ~17 months last year, likely reflecting recent share gains at the expense of local brands while the iPhone handset age in the US, UK, Germany and Japan was essentially flat, suggesting Apple did not see a material pull forward of demand in these markets, a modest positive for future demand," the analyst added.
Vogt also noted that purchase intent for the Apple (AAPL) Watch continued to improve, up 3% sequentially and 3% year-over-year, at 36%. 
"Intent increased in every region except Japan, with notable strength in China as 68% of respondents noted they were likely to purchase a smartwatch, a positive data point for Apple's Wearable segment in the second half of [2022] despite persistent supply chain shortages," Vogt explained.
Last week, investment firm Wedbush Securities noted Apple (AAPL) iPhone supply chain checks have been "surprisingly resilient" despite China's COVID-related lockdowns.