Apple (AAPL) PT Raised to $104 at Nomura Securities

Nomura Securities analyst Stuart Jeffrey raised his price target on Apple (NASDAQ: AAPL) to $104.00 (from $95.00) ahead of the iPhone 6 launch but maintained a Neutral rating.

Jeffrey said, "We have fully stress tested the key revenue and margin drivers of the iPhone 6 to look at what factors might boost EPS above current expectations and by how much. Current FY15E consensus EPS is $6.90. Our analysis suggests that upside beyond $7.43 will prove challenging, giving up to 7% upside to estimates if all goes well. We expected EPS to prove very sensitive to the share of sales made up of the 5.5” iPhone 6. Apple is not expensive but is valued close to the US MSCI index on P/E and free cash flow yield, and is also trading toward the upper end of the range of large-cap tech."

The firm raised FY14E EPS from $6.25 to $6.29; FY15E EPS from $6.46 to $6.95.

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 $102.50 yesterday.

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