Piper Jaffray's Munster Raises Apple (AAPL) PT Raised to $162
Piper Jaffray analyst Gene Munster reiterated an Overweight rating and raised his price target on Apple (NASDAQ: AAPL) to $162.00 (from $160.00) following solid Q2 results with guidance suggesting continued iPhone share gains.
Munster commented, "Overall, our thinking on the story is largely unchanged. We believe iPhone 6/6+ is well positioned to gain share (sold 61.2m vs. Street at 57m) in the back half of 2015 and will cause Street numbers to slightly increase and move shares of AAPL higher. We are less concerned about tough comps given investors who have been recently buying AAPL shares (stock up 22% YTD) have been aware of the comps. iPads are still weak, driven by cannibalization from the iPhone and Macbooks. The capital return program was $200B, ahead of our ~ $170B expectation. Maintain Overweight; $162 price target, up from $160."
The firm lifted FY 2015 EPS from $8.24 to $8.79 and FY 2016 EPS from $8.40 to $8.59.
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Shares of Apple closed at $132.65 yesterday.