Apple Shares up Slightly Following Q3 Earnings, Bank of America Comments

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In a note released early Wednesday morning Bank of America analyst, Scott Craig said Apple, Inc.
AAPL
posted a "solid" quarter and guidance. However, Craig is focused on the calendar fourth quarter of 2014. Craig noted he is "significantly" above the "conservative" Street estimate ($2.63 vs. $2.32), and said its is likely he will continue to be. Looking at the company's guidance, Craig believes it is conservative as usual. However, he did note that the company is "aggressively" investing in growth and has guided operating expenditures of 12-13 percent of fiscal fourth quarter sales compared to 11.9 in the third quarter. On these results and the company's outlook, Craig has left his EPS estimates mostly unchanged, with the only revision made being a $0.03 increase in 2014 from $6.34 to $6.37. In addition to this, he has raised his price target from $95 to $98.
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Posted In: Analyst ColorNewsPrice TargetAnalyst RatingsBank of AmericaScott Craig
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