UBS: Apple options fears seem overblown

UBS analyst Ben Reitzes has joined Piper Jaffray to conclude that Apple CEO Steve Jobs' decision to hire legal counsel is a normal course of action for the executive, given his immense personal fortune and influence in the industry. "We believe Apple seems to be on track toward putting options issues behind it and expect delayed filings within 2 days," Reitzes said. "We should also receive more information regarding the probe and the potential impact on management." UBS holds a price target of $109 on Apple shares, and reiterates its 'Buy 2' rating. The research firm's target is based on 32-times its fiscal year 2008 estimate.

Filed under: Investor