UBS: iPhone Sales Are Skyrocketing

iPhone sales may easily surpass Wall Street's estimates for this quarter, according to a UBS note published Friday.

The bank predicts Apple could sell nearly 70.9 million iPhones before the end of the year, up from the Street's consensus of 64 million.

UBS also raised Apple's stock price target to $125, up from $115.46.

Other banks have suggested Apple's stock will continue its upward tear.

This week Barclays raised its price target to $140, up from $120.

UBS' prediction is based on a new model. One factor of that model, but not the only factor, comes from weighted Google search results from over 20 countries.

UBS points out that its new model was consistently closer to actual iPhone sales when back tested against Wall Street's consensus estimate.