Goldman Sachs Group Reiterates Buy Rating, $810 PT on Apple

In a report published Monday, Goldman Sachs Group reiterated its Buy rating and $810.00 price target on Apple

. Goldman Sachs noted, “Apple is scheduled to report fiscal fourth quarter results on Thursday, October 25 after the market close. This quarter could be a bit of a nail biter as we expect the near-term stock reaction to be heavily dependent on end-of-quarter iPhone 5 supply, management commentary on the supply ramp, and how cautious Apple chooses to be with guidance. All of these factors are likely to be wrapped in the typical conservatism of Apple's management team, but we believe this is largely countered by a material degradation in investor sentiment over the past several weeks (the stock is off nearly 14% from its highs). Our key expectations for the quarter are as follows: (1) we expect a relatively in-line quarter, with revenues of $35.16 billion and EPS of $8.56; (2) we forecast 24.6 million iPhones, and we expect encouraging management commentary on the pace of the iPhone 5 supply ramp through year-end; and (3) we expect management's outlook to be conservative, as usual, with guidance likely for revenues of $51-52 billion with EPS of $12-13. December quarter consensus stands at $54.73 billion/$15.41.” Apple closed on Friday at $609.84.