Apple (AAPL) PT Raised to $160 at Oppenheimer

Oppenheimer analyst Andrew Uerkwitz raised the price target on Apple (NASDAQ: AAPL) to $160.00 (from $125.00) while maintaining an Outperform rating.

The analyst commented, "Apple delivered better than expected F1Q21 sales/EPS of $111.4B/$1.68 compared to the Street's $103.3B/$1.42E. The positive surprise was driven by outstanding growth across all products and services. In the December quarter, Apple achieved all-time highs for key product sales as well as active device installed base. While COVID-19-related trends accelerated near-term device sales, management expressed high confidence for future growth from share gain and new products. We believe Apple Silicon's performance advantage, 5G adoption, and stronger integration of Apple's own hardware, software, and services will elevate Apple into a new phase of growth and market share gain. Reiterate Outperform and raise our PT to $160 from $125."

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