Apple rises as UBS notes China iPhone shipments 'notably' outperformed market in May
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Apple (NASDAQ:AAPL) shares rose early on Tuesday as investment firm UBS noted iPhone shipments in China appeared to have "notably" outperformed in May, taking market share from local competitors.
Analyst David Vogt, who has a buy rating on Apple (AAPL) shares and a $185 price target, pointed out that iPhone shipments rose 13% year-over-year in May, despite overall shipments falling 9% year-over-year, amid the China Covid-related lockdowns. The firm estimated that Apple's (AAPL) market share in May came in at 16.4%, a 3.2% rise year-over-year and 8.9% rise month-over-month. 
"As such, we believe our 42 million June quarter iPhone estimate (down 9% [year-over-year], in line with April/May) should already capture the potential disruptions minimizing downside risk ahead of earnings next month," Vogt wrote in a note to clients.
Apple (AAPL) shares rose slightly more than 1.5% to $133.75 in premarket trading on Tuesday.
Nonetheless, despite the "solid" data, the firm left its iPhone shipments for the June quarter at 42M, with the caveat that the forecast "could be conservative," amid signs of recovery in May and June.
Investment firm J.P. Morgan recently laid out the idea that a number of Apple's (AAPL) services, including Apple Arcade, could be the tech giant's secret weapon.