UPDATE: Goldman Sachs Reiterates Buy Rating, Raises PT on Apple Following Revenue Upside Report

In a report published Wednesday, Goldman Sachs analyst Bill Shope reiterated a Buy rating on

, and raised the price target from $515.00 to $530.00. In the report, Goldman Sachs noted, “Apple reported revenue upside, particularly for iPhones, and relatively sturdy guidance despite the anticipated lull ahead of the next product cycle. With many, including ourselves, braced for a challenging 3QFY2013 report with risk to forward guidance, the solid iPhone and EPS upside were welcome positive surprises. Nevertheless, while we remain bullish on Apple's stock, we believe that apart from a modest share price boost post-earnings, the shares are likely to remain range bound until we enter the next product cycle refresh this fall, the success of which we view as critical to the stock's recovery.” Apple closed on Tuesday at $418.99.