Deutsche Bank Maintins Neutral View on Apple (AAPL) Despite Strong Results
Deutsche Bank analyst Sherri Scribner reiterated a Hold rating and $102 price target on Apple (NASDAQ: AAPL) following Q4 results in a report entitled "Even Granny Smith bought an iPhone."
Scribner commented, "AAPL delivered solid F4Q-14 results with revenue and EPS ahead of expectations. Upside was driven by iPhone and Mac sales with higher F1Q-15 guidance indicating that demand for new products is expected to remain strong in the December quarter. We have tweaked our FY-15 GMs higher, driving a modest $0.10 increase in our FY-15E EPS, but have left the majority of our model unchanged. With strong near-term growth largely factored into AAPL’s current valuation and limited catalysts ahead of the Apple Watch, we expect shares to remain range bound and maintain our Hold rating."
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Shares of Apple closed at $99.76 yesterday.