Apple (AAPL) PT Raised to $196 at Piper Jaffray

Piper Jaffray raised its price target on Apple (NASDAQ: AAPL) to $196.00 (from $190.00) while maintaining a Overweight rating.

Analyst Michael Olson reiterates that clients should own the stock on the potential for a strong iPhone cycle, rising ASPs and favorable service revenue trajectory.

The PT comes from a newly revised CY 2018 EPS estimate of $11.10, up from $10.68 previously but the multiple of 15x on CY 2018 EPS estimate remains unchanged.

FY 2017 EPS estimate falls from $9.01 to $8.99 and FY 2018 EPS estimate rises from $10.68 to $11.11.

You May Also Be Interested In

• Midday movers: Tesla, Li Auto and CNH Industrial fall; Salesforce rises
• Ramelius Resources (RMS:AU) (RMLRF) PT Raised to AUD2 at RBC Capital
• Apple (AAPL) PT Lowered to $210 at Morgan Stanley, 'We'd buy post-earnings weakness'