Apple (AAPL) Price Target Raised to $125 at UBS

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Apple's (AAPL) Gross Margin Expansion Isn't Over Yet; Bernstein Outlines Three Key Reasons Why

November 13, 2014 11:22 AM EST

Bernstein is boosting it price target on Apple (Nasdaq: AAPL) from $110 up to $120, saying a improving secular gross margin story could be in the works. The firm has Apple with an Outperform rating.

Analyst Tom Sacconaghi notes that Apple stock appreciation over the last few years has largely been a margin expansion story, while shares have seen some pressure over the last few quarters as expansion has seen year over year slowdown. The analyst points out three key reasons why margin expansion could appear again over the next few years:

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