Apple (AAPL) Expands the Reach of 'Planet Apple' with Well Executed Apple Music Launch, Cantor Fitzgerald Says

Cantor Fitzgerald analyst Brian White noted Apple (NASDAQ: AAPL) executed well on the Apple Music launch today, expanding the reach of what he calls "Planet Apple."

White comments, "In our view, Apple's digital matrix is often under appreciated, operating in the shadow of the company's mobile device portfolio; however, we believe the company again proved today with the launch of Apple Music that mobile device competitors will increasingly find it difficult to keep up with the rapid innovation occurring on "Planet Apple". Today, Apple Music became available around 11 a.m. ET with a download of iOS 8.4 and Beats 1 (live radio station) kicked off at noon, officially launching Apple into the world of streaming music. With the recent launch of Apple's first new product category in five years with Apple Watch, strong momentum for the iPhone 6/6 Plus and the company's expanding digital ecosystem, we believe Apple's future prospects have never been brighter and the stock is trading at just 10x our CY:16 EPS projection (ex-cash)."

The firm reiterated its Buy rating and 'Street High' price target of $195.00

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 $124.53 yesterday.

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