Apple (AAPL) PT Raised to $135 at Brean Capital
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Brean Capital analyst Ananda Baruah reiterated a Buy rating and raised its price target on Apple (NASDAQ: AAPL) to $135.00 (from $125.00) following results.
Baruah commented, "AAPL Dec Q guidance suggests that not only are iPhone units continuing to gain strength (as expected, likely now in the 78M - 80M range), they are also mixing up to 7+'s more than anticipated (we believe perhaps as much as high-30% of iPhone ships are Plus+ models, vs. ~1/3 typically). Moreover, we believe that Mar Q iPhone ships will be ~55M, with similar mix dynamics, which suggest ongoing ASP & GM mix impact. As a result of the incremental momentum, we're raising our TP to $135 from $125, or 13.5x P/E (just above AAPL’s median multiple of 12.5x) the $10.00 in normalized ’18 EPS we believe they can generate."
Shares of Apple closed at $118.25 yesterday.
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