Apple (AAPL) Target Raised 3% at BMO Capital Following Strong Results

BMO Capital analyst Keith Bachman reiterated an Outperform rating and bumped his price target on Apple (NASDAQ: AAPL) to $113.00 (from $110.00) following Q4 results after the close.

Bachman commented, "Our lone concern heading into Apple’s earnings report was the December quarter gross margin guide. While we stated that we thought the actual December quarter gross margins would be roughly flat q/q, we had concerns that Apple may guide gross margins lower q/q. However, we believe that product mix (including higher storage capacity purchased in the iPhone 6 family and increasing iPhone 6 Plus units) is helping to sustain consolidated gross margins in the December quarter."

The firm is raising FY2015 EPS estimate from $7.62 to $7.90 and our FY2016 EPS estimate from $8.08 to $8.24.

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 $99.76 yesterday.

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