A Forbes.com article today reports that UBS Securities has initiated coverage on Apple Computer at “neutral 2” and set a price target of $23.
The article states that UBS feels the computer company is “uniquely positioned to show improvement in earnings over the next two years,” and that Apple has “reinvigorated its brand,” thanks to the company’s iPod, iTunes Music Service and with the G5.
According to Forbes.com, UBS also stated that Apple is in a “very solid financial position” and that Apple stands to have more than $4.8 billion in cash by the end of 2005.