BMO Capital Maintains 'Outperform' on Apple (AAPL) As New Products Add Up To Strong Year-End; Still Cutting Estimates

BMO Capital maintains an 'Outperform' on Apple (NASDAQ: AAPL) price target of $680.00 (from $700.00).

Analyst, Keith Bachman, said, "Apple delivered disappointing results on nearly all metrics, despite very strong iPad sales. Although we cautioned on a summer slowdown in iPhone sales, actual iPhone shipments in the June Q were much lower than expected, which helped drag down total revenues and gross margins...We are lowering our FY13 EPS estimate to $53.25 from $55.53."

Staying Outperform: "Since we think Apple will launch a new iPhone, iPad, and TV in the next few Qs, we believe that Apple's stock will move higher through year-end. Further, we don't think carriers will push back on subsidy levels in front of a new iPhone launch."

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 $600.92 yesterday.

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