Cleveland Research Upgrades Apple (AAPL) to Buy, PT $197

(Updated - August 29, 2017 8:44 AM EDT)

Cleveland Research upgraded Apple (NASDAQ: AAPL) from Neutral to Buy.

The analyst cites favorable iPhone feedback and sees revenue growth accelerating in 2018 which should offer upside opportunity. The PT is $197 as the analyst increases iPhone unit assumptions to 247 million in FY 2018 on "encouraging pent-up demand within China and Europe" as well as an increase to ASP expectations to $700. The analyst sees potential for 10-15 million unit sales for HomePod and nearly 20 million in Apple Watch shipments.

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 $161.47 yesterday.

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