Apple (AAPL) Target Raised to $135 by Piper Jaffray's Munster

Another day another Apple price target hike.

Today, Piper Jaffray analyst Gene Munster reiterated an Overweight rating and boosted his price target on Apple (NASDAQ: AAPL) to $135.00 (from $120.00) saying iPhone 6/6+ availability suggests the upgrade cycle will extend into next year.

Munster commented, "ased on our checks of in-store availability and industry checks of iPhone 6 and 6+, we believe that supply is gradually improving vs. demand, but Apple still has a gap to close ahead of the core holiday shopping season. Our checks suggest that 58% of core SKUs were available as of the end of last week, up from 6% in mid-October. Given that Apple likely knew its supply limits when issuing Dec-14 guidance, we don't believe there is risk to numbers, but do believe the supply constraints could limit meaningful upside in December. However, we also believe that most consumers will wait to get an iPhone, thus the supply limits should extend the cycle into March."

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 $114.67 yesterday.

You May Also Be Interested In

• Evercore ISI on Apple (AAPL) Anti-Trust Headlines: 'We see three primary areas of risk'
• Oppenheimer Upgrades Avalo Therapeutics (AVTX) to Outperform following AVTX-009 acquisition
• XPO (XPO) PT Raised to $140 at Benchmark