Raymond James Reiterates Market Perform Rating on Apple (AAPL)

Raymond James analyst Melissa Fairbanks reiterated a Market Perform rating and {REMOVEPT} price target on Apple (NASDAQ: AAPL)

The analyst comments: “We reiterate our Market Perform rating on Apple following September quarter results, where revenue was roughly in line with expectations, but improved leverage in the quarter drove more meaningful EPS upside. Rising costs - particularly for memory - appears to have impacted iPad and Wearables demand (where there is more limited ability to absorb the higher costs), while iPhone and Mac sales were at or above expectations. Looking ahead to December, management noted a number of headwinds to Services growth - which we believe could persist beyond the current quarter - which will likely be a concern to investors looking toward the higher value mix. That said, iPhone demand appears healthy and initial orders for the Duo are outstripping supply, helping sentiment around shares. Net, with lack of a very clear catalyst for shares, we remain on the sidelines.”

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 $338.32 yesterday.

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