Apple (AAPL) PT Raised to $135 at Nomura Securities

September 22, 2016 7:09 AM EDT
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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.

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 $113.55 yesterday.

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