Piper Jaffray's Munster Actually Raised His Price Target on Apple (AAPL) Post Q3
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While investors are out selling shares of Apple (NASDAQ: AAPL) to the tune of -6% following Q3 results, Piper Jaffray analyst Gene Munster is out singing a different tune and actually raised his price target to $172.00 (from $162.00) following the results.
Munster commented, "We are buyers on the 6% aftermarket pullback on shares of AAPL based on the belief that Apple will continue to gain share in the high-end smartphone market and margins will expand into the S cycle resulting in Street numbers inching higher over the next several quarters. While some investors will view the 48.1 million iPhones (ex channel drain) as a disappointment below investor thinking for more than 49 million units, the reported unit sales represent significant market share gains. For the Watch, we estimate Apple sold around 2.5 million units, which was in-line with investor expectations."
The analyst boosted FY 2015 EPS from $8.79 to $9.14 and FY 2016 EPS from $8.59 to $9.22.
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 $130.75 yesterday.
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