Macquarie raised its price target on Apple (NASDAQ: AAPL) to $156.00 (from $148.00) while maintaining a Outperform rating.

Analyst Ben Schachter comments "As always, our focus remains Services, and with the numbers and commentary on Services this quarter, we think all AAPL investors will have to pay much more attention to it going forward. Adjusting for last year’s one-time Services rev gain, Services grew 30% y/y, driven primarily by the App Store (Music, Apple Pay, Apple Care, and others contributed). While we are likely the most bullish on The Street regarding Services growth and its potential impact to the AAPL model, mgmt guidance that it intends to double Services revs over the next four years exceeded even our estimates. It implies that Services will post a CAGR of ~16% FY’16 -FY’20."