Nomura Securities Reiterates Buy on Apple (AAPL) Following CEO Update

Nomura Securities reiterated a Buy rating and $145.00 price target on Apple (NASDAQ: AAPL) following an update by CEO, Time Cook. Mr. Cook indicated internal updates as of yesterday morning showed China growth to be ‘strong’. With pricing in a ~%15 decline, Analyst Jeffrey Kvaal said that the risk-off market is looking for assurances of future iPhone demand. Kvaal believes that the iPhone 6S cycle will drive solid iPhone volume growth, and will be more impressive than expected.

Kvaal commented, "CEO Tim Cook’s indication yesterday that China iPhone demand remains strong is telling – as is the market’s subsequent dismissal of Mr. Cook’s update. We conclude this risk-off market is looking for assurances of future iPhone demand that are unlikely to materialize. We retain our view the impending 6S launch will be more impressive than expected."

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $103.12 yesterday.

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