UBS Warburg raised its rating on Apple overnight from “Hold” to “Strong Buy,” citing strong new products and Apple’s ability to lead innovation in the industry, according to In Play. UBS expects Apple will perform better than expected in the second-half of the year and raised its fiscal 2002 earning estimates to US$0.53 from $0.49 and fiscal 2003 estimates to $0.85 from $0.72. The company also raised its price target to $30.50 from $23; shares were up in pre-open trading on the news.