Piper Jaffray's Munster Maintains Overweight, $120 PT on Apple (AAPL) Post Q4

Piper Jaffray analyst Gene Munster reiterated an Overweight rating and $120 price target on Apple (NASDAQ: AAPL) following strong Q4 results and guidance after the close.

Munster commented, "We remain positive on shares of AAPL with a $120 target based on our belief that the strength in the December guide will carry forward into the March quarter along with our belief that investors will increasingly become optimistic about the prospects of the Apple Watch. Beyond the March quarter, we believe buy side thinking will gradually
shift away from the widely held product cycle trade approach and begin to value Apple more as a hardware/software platform that is unique in its ability to benefit from a world of increasing device usage."

The firm raised FY 2015 EPS from $6.32 to $7.42.

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 $99.76 yesterday.

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