Goldman Sachs Lifts Apple (AAPL) Price Target 8% to $124

Goldman Sachs analyst Bill Shope reiterated a Buy rating on Apple (NASDAQ: AAPL) while boosting his price target to $124.00 (from $115.00) following strong Q4 results.

"This was a strong set of results as Apple delivered a clean beat both for the September quarter and December guidance. Importantly, gross margins were in-line to modestly better than expected, which we think should serve to offset a key bear concern on margin pressure from the new product ramp," Shope commented.

He added, "Tailwinds to the December quarter include: (1) continued iPhone demand strength and improving supply; (2) the recent launch of the iPhone 6 and 6 Plus in China; and (3) a steady mix shift toward higher ASP iOS devices."

The firm raised FY15/FY16 EPS to $7.85/$9.24 from $7.67/$9.19. In addition, they introduce FY2017 estimate of $10.31.

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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