UBS Launches AAPL at "Buy"; Sees New Macs, iPods; New iPhone Colors; Ultra-Portable Mac; Sees Dell Smartphone

UBS analyst Maynard Um today launched coverage of the PC sector, setting a Buy rating on Apple (AAPL) and Neutral ratings on Dell (DELL) and Hewlett-Packard (HPQ).

Um takes over coverage of the stocks from Ben Reitzes, who now covers the sector for Lehman. Um sees 2008 PC global units growing 13 percent, propelled by strong notebook growth and strength in emerging markets. That said, Um reports that his near-term bias on the PC hardware market is “neutral, largely reflecting concerns regarding slowing GDP and consumer/enterprise spending.” While he sees healthy unit growth, he also says that competition, mix shift and technological advances will drive down average prices. He sees industry-wide revenue grow next year at nine percent.

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