UPDATE: Goldman Sachs Raises Apple's PT

According to a research report published this morning, Goldman Sachs has increased Apple's AAPL PT from $750 to $850. In the report, Goldman Sachs commented, "Apple reported significant revenue and EPS upside. Revenues of $39.19 billion were far ahead of our $36.90 billion estimate and consensus of $36.81 billion. The iPhone segment represented the primary source of upside, as unit shipments of 35.1 million exceeded our 31.1 million unit estimate. Meanwhile, EPS came in at $12.30, exceeding our forecast of $10.18 and consensus of $10.06. The sharp upside in iPhones and a favorable commodity cost environment also allowed gross margins to come in at a record 47.4%, versus our estimate of 43.5%. Operating margins of 39.3% also represented a new record for the company." Goldman Sachs maintains its Buy rating on Apple, which closed yesterday at $560.28.