UPDATE: Piper Jaffray Reiterates Apple at Overweight On Mac Sales NPD Data
Piper Jaffray maintained Apple (NASDAQ: AAPL) with an Overweight rating and a $767.00 price target.
Piper Jaffray commented, "The first month of NPD Mac sales data is up 31% y/y, which we believe is driven by Apple catching up with iMac orders. We note that the company stated there was a 700k y/y iMac unit decline in the December quarter, which we believe was caused by supply issues around the redesigned iMacs. We remain comfortable with our down 5% y/y Mac expectation for March. While Macs are becoming a less and less meaningful piece of the story, we believe the core themes moving forward for AAPL are sequential margin improvement in June, a cheaper iPhone in September, and a TV in the December quarter."
Apple closed at $450.81 on Monday.
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