Apple (AAPL) PT Raised to $135 at Susquehanna on Greater iPhone 6 Plus Mix
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Susquehanna analyst Chris Caso reiterated a Positive rating on Apple (NASDAQ: AAPL) while boosting his price target to $135.00 (from $120.00), citing iPhone 6 Plus mix improvement.
Caso said, "Our recent checks suggest iPhone production of 60-65 mln for 4Q, consistent with our prior expectations. AAPL is producing as much of the iPhone 6 Plus as they can and we view the mix of iPhone 6 Plus to be a very important driver of AAPL profitability, since the profitability of the 6 Plus is so much higher than iPhone 6."
He added, "While our checks did provide some initial indications with respect to 1Q iPhone builds (~50 mln), we don't think there is much visibility at present. Given persistently long delivery times, it's clear that iPhone demand is still exceeding supply, and we won't know the true level of demand until supply catches up and delivery times begin to shrink. In addition, we're still ahead of the main part of the holiday season, and we would therefore expect build plans to be adjusted in mid-to-late December in response to holiday sales. That said, we think the improving mix of iPhone 6 Plus bodes well for AAPL profitability for the next couple of quarters."
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 $116.47 yesterday.
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