Apple (AAPL) PT Raised to $196 at Rosenblatt

Rosenblatt analyst Barton Crockett raised the price target on Apple (NASDAQ: AAPL) to $196.00 (from $189.00) while maintaining a Neutral rating.

The analyst comments "June Quarter Fears Beaten Back -- Apple also brushed aside Street concerns that the June quarter was pacing for a dive. Instead, Apple said that June quarter revenues would be up low single digits (better than our former -3.7% estimate). The color around double-digit growth in both services and iPads in the June quarter guide suggests that global iPhone revenues will be down mid single digit plus, we believe. But the aggregate top line is better than feared. In addition to growth in iPhone in China, Apple is bragging of setting sales records in major emerging markets globally, including India. Services in double digits is a bright spot; indicative of strength in search ad sales by Google. But Apple also notes that comps get tougher there over the balance of the year."

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