Apple (AAPL) Launch Called 'Impresive'; Price Target Raised to $115 at Goldman Sachs
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Goldman Sachs reiterated a Buy rating on Apple (NASDAQ: AAPL) and raised its price target to $115.00 (from $107.00). Analyst Bill Shope said its new product launch yesterday was impressive and met high expectations.
"Apple announced several new products and services at its event in Cupertino, CA, including the iPhone 6 and iPhone 6 Plus, Apple Pay, and Apple Watch. We believe Apple's launch delivered a product set that was largely in-line with lofty expectations. We look towards the larger-screen iPhones as an important driver of improved growth in that segment, with Apple Pay and Apple Watch serving as key platform enhancements and further sources of stickiness for iOS," said Shope.
"We found the technological advances put on display to be encouraging, and near-term, the iPhone refresh was by far the most impactful announcement for Apple’s bottom line. We view the announced payments service as an important platform enhancement even though material monetization is unlikely in the near term, and it could provide an important, high-margin revenue stream longer term; in addition, Apple Watch was surprisingly innovative, though we do not expect it will be a game changer for the financial model. We are raising our estimates to reflect higher margin assumptions given the exclusion of a sapphire screen from iPhone 6 and iPhone 6 Plus and the introduction of Apple Watch into our forecast: FY2015/FY2016 EPS estimates increase to $7.67/$9.19 from $7.57/$9.12 previously, with FY2014 unchanged," he added.
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 $97.99 yesterday.
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