UPDATE: Monness Crespi Hardt Reiterates Buy Rating, Raises PT on Apple Following Solid First-Weekend Sales of New iPhones

In a report published Friday, Monness Crespi Hardt analyst Jeffrey Fidacaro reiterated a Buy rating on

, and raised the price target from $520.00 to $550.00. In the report, Monness Crespi Hardt noted, “We view the 9 mln first weekend sales of the new iPhones positively on an absolute basis (compared to 7 mln iPhone 5 on an apples-to-apples basis including China), particularly as the iPhone 5S sold out, countering bearish concerns on high-end smartphone demand. As such, we are increasing our iPhone estimates for 4QFY13. Additionally, we view concerns on channel fill with the iPhone 5C are overblown and overall gross margin was guided higher. Apple highlighted that 'many orders' were placed online signaling solid shipments over the next few weeks that were not recognized in the 9 mln number. We got our hands on a new iPhone 5S and after about a week of testing, we view the new iOS 7 software and features including the 64-bit processor, Touch ID fingerprint scanner, upgraded front and back cameras (with improved photo software), and the M7 motion co-processor as compelling upgrades to drive sales further.” Apple closed on Thursday at $486.22.