Apple (AAPL) Gains on Bullish Analyst Commentary

Shares of Apple (NASDAQ: AAPL) are modestly higher Monday as it responds to positive analyst commentary at a couple of Wall Street firms.

First, RBC Capital analyst RBC Capital analyst Amit Daryanan bumped his price target to $120.00 (from $115.00) after the analyst forecasted at least 20 million Apple Watch units in the first 12 months. This will added approximately $6.5 billion to FY15 revenue, he said.

Separately, BMO Capital analyst Keith Bachman noted that iPhone 6 supply has meaningfully improved at Apple stores in the past few weeks, such that almost half of configurations are available for walk-in across Apple stores. Online orders from Apple's website still take approximately 7-10 days. There is almost no availability of iPhone 6 at Apple’s partner stores, such as AT&T and Verizon, he also noted. Online orders from partner websites take almost 10 days for delivery.

Bachman said they think it is possible that Apple ends the December quarter with a backlog of unfulfilled iPhone demand, which is usually positive for the stock.

The BMO analyst also thinks the mix of iPhone 6/6 Plus continues to be favorable, particularly as they look at the March quarter. "We have assumed a mix of 75% iPhone 6 and 25% iPhone 6 Plus, and we think demand for the 6 Plus could be 30-40% of the mix in the March quarter," he said.

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple are up 0.4% Monday morning to $114.60.

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