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Apple (AAPL) PT, Estimates Bumped Higher at Cowen But Sees Stock in 'Macro Period of Consolidation'

May 26, 2015 6:36 AM EDT
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Price: $173.72 +0.64%

Rating Summary:
    40 Buy, 24 Hold, 7 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 20 | Down: 14 | New: 22
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Cowen analyst Timothy Arcuri reiterated an Outperform rating and bumped his price target on Apple (NASDAQ: AAPL) to $140.00 (from $135.00) after raising estimates for the iPhone 6 and 6+. That said the analyst see the stock in a "macro period of consolidation."

"We are raising estimates and our target on our latest field work suggesting a far less pronounced "shoulder" period for this iPhone cycle as 6/6+ units remain very strong. We now see ~50MM units for June likely w/early read suggesting a similar number in Sept. Maintain Outperform and target increases from $135 to $140, but we still see the stock in a macro period of consolidation."

The firm raised FQ3:15 revs/EPS to $51.0B/$1.88, above Street ~$48.4/$1.75 and fully $3B above the high-end of the company's revenue guidance.

FQ2:15 revenue increases by $300MM, to $51.0B, while EPS increases by $0.01, to $1.88. F2015 EPS increases from $9.24 to $9.29; F2016 EPS increases by $0.01 to $9.75. C2015E revenue increases from $238.1B to $239.6B; C2015E EPS increases from $9.24 to $9.32.

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 $132.54 yesterday.



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