Apple (AAPL) Remains 'Remarkable' Says Macquarie; Target Goes to $118

Macquarie analyst Ben Schachter reiterated an Outperform rating and boosted his price target on Apple (NASDAQ: AAPL) to $118.00 (from $104.00) following strong Q4 results and outlook.

Schachter commented, "AAPL continues to execute. As expected, iPhone rev was very strong, up 16% y/y. Importantly, AAPL indicated that iPhone may remain supply constrained through the end of the year even as the company is on track to exceed 100mm iPhones in just 6 mos. That is remarkable. As for the other businesses, Mac was also surprisingly strong, up 18%, while Apps continue to be the fastest growing and highest margin AAPL business, up 36% y/y. iPads remain weak, down 14%."

FY’15 revenue rises 6% & EPS rises ~9%.

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 $99.76 yesterday.

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