Apple (AAPL) PT Raised to $135 at Nomura Securities
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Nomura Securities analyst Jeffrey Kvaal reiterated a Buy rating and boosted estimates and his price target on Apple (NASDAQ: AAPL) to $135.00 (from $120.00) amid healthy early demand.
"The steady positive news across geographies on the iPhone 7 launch implies demand is stronger than thought," Kvaal commented. "We believe the supply chain is preparing for upward revisions to production forecasts. We are lifting our high-end iPhone estimates and our price target to $135."
The firm now anticipate 78mn iPhones in F1Q, solidly above consensus of 75mn. They lift FY17 estimate from 230mn to 234mn (consensus 221mn).
The firm raised FY17 EPS estimate from $9.10 to $9.32 primarily on higher iPhone volumes.
Shares of Apple closed at $113.55 yesterday.
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