JMP Raises Apple Price Target, Notes Lack Of 'Competitive Momentum' From Android Rivals

On Wednesday, analysts at JMP Securities raised the price target on shares of Apple Inc. AAPL from $135 to $150 and reiterated the Outperform rating.

Analyst Alex Gauna finds that iPhone and iPad demand will likely drive a positive December quarter as volumes, ASPs and gross margins improve.

In addition, Gauna feels Apple may also gain further market share due to lack of “competitive momentum” from Android rivals.

The analyst recommends buying Apple shares ahead of near-term catalysts, such as the China Mobile 4G subscriber update and the company’s first-quarter earnings.

Shares of Apple were trading at $115.40, up 0.7 percent.