Apple (AAPL) Price Target Raised to $530 at Goldman Sachs

Goldman Sachs today maintained a Buy on Apple (NASDAQ: AAPL) and raised its price target to $530.00 (from $515.00). Analyst Bill Shope called Apple's Q3 results a "welcome positive," but remains focused on the outcome of Apple's product refresh this fall.

"With many, including ourselves, braced for a challenging 3QFY2013 report with risk to forward guidance, the solid iPhone and EPS upside were welcome positive surprises. Nevertheless, while we remain bullish on Apple's stock, we believe that apart from a modest share price boost post-earnings the shares are likely to remain range bound until we enter the next product cycle refresh this fall, the success of which we view as critical to the stock's recovery," said Shope.

For an analyst ratings summary and ratings history on Apple (NASDAQ: AAPL) click here. For more ratings news on Apple click here.

Shares of Apple closed at $418.99 yesterday.

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