Apple (AAPL) PT Raised to $140 at Rosenblatt
Rosenblatt analyst Brian Blair reiterated a Buy rating and raised his price target on Apple (NASDAQ: AAPL) to $140.00 (from $130.00) following strong Q2 results.
Blair commented, "Apple reported a stronger than expected March quarter (FYQ2) led by aboveconsensus iPhone units of 61.2 million. We had originally forecast 62 million units for the quarter, but lowered our estimate recently to 56 million, as we believed a labor shortage in China had throttled back production volume. The revision was incorrect, however, as iPhone units nearly hit our original, aboveconsensus target, suggesting that production was not meaningfully impacted in the period. We believe iPhone is on track for year over year growth and expect continued strength in the June quarter, where we estimate an 18% q/q decline to 50 million units. We maintain our Buy rating and raise our price target to $140 (from $130) on continued iPhone outperformance, which is 15.5x our FY16 EPS estimate of $9."
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Shares of Apple closed at $132.65 yesterday.