Apple (AAPL) PT Lifted to $155 at Canaccord Genuity
Canaccord Genuity analyst T. Michael Walkley reiterated a Buy rating and boosted his price target on Apple (NASDAQ: AAPL) to $155.00 (from $150.00) following strong Q2 results and the expanding $200 billion capital return plan.
Walkley commented, "We believe the strong results and solid guidance are consistent with our surveys and analysis indicating a record iPhone 6 upgrade cycle driven by two primary reasons. First, we believe the iPhone 6 and 6 Plus smartphones are generating very strong replacement sales from existing iPhone consumers... Second, consistent with management commentary, we anticipate continued high-end smartphone market share gains for Apple due to surveys indicating a greater mix of Android smartphone consumers switching to the new iPhones than the iPhone 5 series launches."
The firm trimmed FY 2015 EPS from $8.94 to $8.93 and raised FY 2016 EPS from $9.11 to $9.19.
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Shares of Apple closed at $132.65 yesterday.