Apple Price Target Raised 15% By Evercore, Sees Revenue Growth Resuming
Apple (NASDAQ: AAPL) moved slightly higher after seeing its price target was boosted 15 percent by an Evercore analyst who cited future growth related to its core iPhone and other products.
Apple shares have risen by a split-adjusted percent in the past year and traded recently at $93.73, up 0.22 percent.
Evercore's Rob Chira raised his Apple target from $100 to $115, predicting that revenue growth will "re-accelerate" into fiscal 2015. After three quarters of somewhat sluggish growth, Apple's revenue fell 20 percent in the most recently ended period, to $45.65 billion.
"We see Apple creating its own growth" based particularly on the iPhone, iWatch and iBand products, Cihra said in a note.
Apple's well-understood pursuit of higher-margin, higher-end products at the expense of losing a portion of the larger market seems likely to remain in place.
"We don't see Apple chasing the faster-growing low end" of the market, Cihra said. "By definition, it's why Apple holds premium gross margins."
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