Apple (AAPL): Good Enough To Drive An Upgrade Cycle - BMO
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BMO Capital analyst, Tim Long, reiterated his Outperform rating on shares of Apple (NASDAQ: AAPL) after attending the iPhone7 launch. The event was similar to his expectations but 5 items stand out: two new black case colors, doubled flash memory, water resistance, improved cameras, and a removed headphone jack. Additionally, the modestly improved watch should drive holiday sales. Although the form-factor remains unchanged, the Watch is being updated with GPS for runners, water resistance for swimmers, and other features like faster processors and a brighter display.
In short the analyst, the analyst believes the design improvements make for attractive phones, which will be meaningful upgrades to the aging installed base. No change to the PT of $116.
price target of $116.00
Shares of Apple closed at $108.36 yesterday.
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