JP Morgan Maintains Overweight, $525 Target on Apple

JP Morgan reiterates its Overweight rating and $525 target price per share on Apple, Inc. AAPL as it raises EPS on increased sales estimates for the iPhone. JPM says, “For the December quarter, our revised revenue and EPS estimates are $38.69 billion and $9.87, versus $37.26 billion and $9.45previously. The Street Consensus is at $38.02 billion and $9.78. Our revised gross and operating margin estimates are 40.7% and 31.6%, versus 40.4% and 31.4% previously. The higher iPhone revenue and related mix shift, combined with better component pricing, drive the margin uplift.” AAPL closed at $382.20 per share on Wednesday.