UBS analyst Maynard Um has switched his rating for Apple stock from Neutral to Buy, and substantially raised his price target, pushing it from $170 to $265. The increase is linked mainly to predictions of repeating iPhone hardware revenue, driven by a growing install base, and the "stickiness" of the App Store. Also important in this regard is thought to be the coming end of exclusive carrier arrangements, such as O2's control over the United Kingdom. Apple is now expected to sell 36 million iPhones in the 2010 fiscal year, instead of 25.9 million. Pro forma reven
