Apple (AAPL) PT Raised to $135 at Brean Capital

October 26, 2016 9:33 AM EDT
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Price: $119.98 +0.79%

Rating Summary:
    60 Buy, 10 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 10
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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."

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 $118.25 yesterday.

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