Apple (AAPL) Estimates Raised at Jefferies Post Q2; Buy Ahead of iPhone 6 Launch
Jefferies analyst Peter Misek raised estimates while reiterating a Buy rating and $625 price target on Apple (NASDAQ: AAPL) following strong Q2 results driven by very strong iPhone sales.
Misek comments, "iPhones were much stronger than expected with sell-through accelerating to +20% Y/Y vs. +8% in CQ4. But CQ2 guidance is worse as some iPhones we expected for CQ2 were pulled forward, but overall demand is clearly there. Now with the feared CQ2 guidance out of the way, we recommend aggressively buying the shares ahead of what we believe will be a successful iPhone 6 launch."
The firm trimmed Q3 EPS from $8.59 to $8.22 while raising FY 2014 EPS from $42.89 to $44.14 and FY 2015 EPS from $51.03 to $51.41.
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Shares of Apple closed at $524.75 yesterday.