Market Overview

iProfit: Pacific Crest Reiterates Outperform Rating on Apple

Share:
Related AAPL
Here's Why It's OK To Be Confused By The European Union's Tax Ruling Against Apple
Tim Cook Fires Back At European Commission Over Irish Tax Discrepancy
The Vetr community has upgraded $AAPL to 3.5-Stars. (Vetr)

Pacific Crest analyst Andy Hargreaves reiterated an Outperform rating and $635.00 price target on Apple Inc. (NASDAQ: AAPL) on strong iPhone unit volume.

Hargreaves reported that supply and demand checks indicate that Apple's iPhone unit volume is likely to beat estimates, with the iPad unit volume expected to be in-line with estimates. The analyst commented on the strong replacement rates and noted that Apple is likely gaining share of high-end customers.

Pacific Crest remarked on older iPhone models, noting that Apple may continue to produce the older models but with a smaller price decrease. Hargreaves continued that this smaller price drop may generate a greater incremental gross profit per unit. The analyst added that the initial component order volume of the iPhone 6 creates an additional upside.

Shares of Apple closed at $539.19 on Monday, up 1.19% from Friday's close.

Latest Ratings for AAPL

DateFirmActionFromTo
Aug 2016RBC CapitalMaintainsOutperform
Aug 2016DaiwaDowngradesBuyOutperform
Jul 2016Hilliard LyonsUpgradesLong-term BuyBuy

View More Analyst Ratings for AAPL
View the Latest Analyst Ratings

Posted-In: Andy Hargreaves Pacific CrestAnalyst Color Reiteration Analyst Ratings

 

Related Articles (AAPL)

View Comments and Join the Discussion!