Jefferies Upgrades Apple (AAPL) to Buy, $600 PT

October 7, 2013 6:43 AM EDT Send to a Friend
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Price: $102.99 +0.51%

Rating Summary:
    55 Buy, 10 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 10
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Jefferies analyst Peter Misek upgraded Apple (NASDAQ: AAPL) from Hold to Buy Monday with a price target of $600.00 (from $425.00) following an Asia trip which showed a "substantial shift in attitudes toward Apple."

"Despite still seeing risk to CQ4 and FY13 revs, we now believe better GMs will allow Apple to skate by until iPhone 6 launches with its 4.8" screen," Misek said. "We est ~50% of smartphone shipments have >4" screens and that iPhone 6 will catalyze a large upgrade cycle. The stock is attractive based on the attitude change, FY15 revs >+15%, and valuation."

The firm raised Q4 EPS from $8.14 to $8.36, FY 2013 EPS from $39.66 to $39.87 and FY 2014 EPS from $37.95 to $44.22.

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 $483.03 yesterday.


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