UPDATE: Monness Crespi Hardt Reiterates Buy Rating, Raises PT on Apple on Momentum Into Holiday With Solid Quarter and Guidance Above Street

In a report published Tuesday, Monness Crespi Hardt analyst Jeffrey Fidacaro reiterated a Buy rating on

, and raised the price target from $550.00 to $560.00. In the report, Monness Crespi Hardt noted, “Apple reported revenue above the high end of its $36-$37 bln guidance range ($37.5 bln vs. $36.8 bln consensus), and EPS of $8.26, above consensus of $7.92 and our $8.14 estimate. We are raising our Target Price from $550 to $560 based on 10x (unchanged) our revised FY14 NOPAT estimate of $42.23 (from $41.44) plus net cash of ~$143/sh, and only 8x EV/FCF. Apple's shares are currently trading at 12.3x P/E FY14 and 9.0x on an ex-cash basis.” Apple closed on Monday at $529.88.