Cowen Raises Apple Price Target
In a note released Tuesday morning, Cowen analyst Timothy Arcuri raised his price target for Apple (NASDAQ: AAPL) from $90 to $102 and maintained an Outperform rating.
Arcuri is remaining constructive moving towards the September iPhone 6/wearables launch and is "very bullish on units" following recent supply chain checks.
Looking at the global smartphone market, Arcuri listed five factors he views as favorable for Apple:
- Apple has maintained its market share despite not serving the ~30 to 40 percent of consumers who favor larger screens.
- Arcuri estimates approximately 140 million unit installed base of pre-iPhone 5 and sees LTE-A and larger screens as presenting a "compelling upgrade case."
- The company's market share gains in China appear correlated with LTE roll-outs.
- iPhone operator early upgrades programs continue to gain traction in key markets.
The competitive landscape for high-end smartphones remain primarily duopolistic.
Latest Ratings for AAPL
|Sep 2014||Jefferies||Initiates Coverage on||Hold|
|Sep 2014||Evercore Partners||Maintains||Overweight|
|Sep 2014||Pacific Crest Securities||Downgrades||Outperform||Sector Perform|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.