Apple (AAPL) Value 'Fair' Despite Miss, Deutsche Bank Says

Deutsche Bank analyst Sherri Scribner reiterated a Hold rating and $125 price target on Apple (NASDAQ: AAPL) following Q3 results. The analyst noted it is getting hard to beat the bulls but said the valuation is fair despite the miss.

Scribner commented, "below investor expectations. iPhones units in particular missed buyside expectations, which we believe were for 50-52M shipments. Given iPhone drives the vast majority of sales and profit, softer iPhone units were a disappointment. We continue to remain concerned that AAPL's smartphone market share is peaking, and expect iPhone unit growth to decelerate next year on more difficult compares. With shares trading near historical average PEs, we view valuation as fair and reflective of the slower growth potential in FY-16."

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 $130.75 yesterday.

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