Apple (AAPL): Drexel Hamilton Sees Positive Derivative iPhone 7 Datapoints

Drexel Hamilton analyst, Brian White, reiterated his Buy rating on shares of Apple (NASDAQ: AAPL) after 96% of the companies included in the analyst's "Apple Monitor" reported July sales with the performance stronger than historical averages. The analyst believes this means the iPhone 7 ramp has begun and is impacting sales in July.

The analyst states, "Even with the rally in Apple's shares over the past couple of weeks, the stock is still trading at just 8.7x (ex-cash) our CY:17 EPS estimate. Moreover, the stock is now in the plus column this year with a 3% YTD increase (vs. up 6.7% for the S&P 500 Index). Apple Remains Our Top Pick for H2:2016"..

No change to the price target of $185.00.

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $108.37 yesterday.

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