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Cowen Raises Apple Price Target

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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:

  1. Apple has maintained its market share despite not serving the ~30 to 40 percent of consumers who favor larger screens.
  2. 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."
  3. The company's market share gains in China appear correlated with LTE roll-outs.
  4. iPhone operator early upgrades programs continue to gain traction in key markets.
  5. The competitive landscape for high-end smartphones remain primarily duopolistic.

     

Posted-In: Cowen and Company Timothy ArcuriAnalyst Color News Price Target Analyst Ratings

 

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