Apple (AAPL) PT Bumped at Nomura on 'Clean' Q3 Ahead of iPhone Refresh

Nomura Securities Neutral Apple (NASDAQ: AAPL) price target of $95.00 (from $88.71) on 'clean' Q3 results ahead of the iPhone refresh.

Analyst Stuart Jeffrey commented, "Apple guided for 37-38% gross margins for the September quarter, in line with consensus. This guidance provides some reassurance that the iPhone 6 won’t be as gross margin dilutive as the iPhone 5 (the last big platform refresh). If this is the case, then any volume upside should largely benefit EPS in full and thus sustain optimism for the iPhone 6 replacement cycle. While weak iPad sales disappointed, these were offset by strength in Mac sales. Investors are likely holding Apple purely for the iPhone 6 upgrade cycle, however, making these dynamics somewhat irrelevant to the investment case. Management is still incredibly bullish on new products."

The firm maintained FY14E EPS at $6.25; FY15E EPS from $46.46 to $6.66

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 $94.72 yesterday.

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