Market Overview

iProfit: Pacific Crest Reiterates Outperform Rating on Apple

Share:
Related AAPL
Tablet Shipments Fell 14.7% In Q1, Amazon Sees Market Growth Of More Than 5000%
Icahn Incites Panic In The Market, Buffett Urges Caution
Dividend Champions For May 2016 (Seeking Alpha)

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
Apr 2016Brean CapitalMaintainsBuy
Apr 2016BarclaysMaintainsOverweight
Apr 2016CitigroupMaintainsBuy

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!