UPDATE: Goldman Sachs Reiterates Buy Rating, Raises PT on Apple as Estimates Continue to Rebound

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

, and raised the price target from $560.00 to $620.00. In the report, Goldman Sachs noted, “Apple reported upside to its preannounced results with revenues of $37.47 billion slightly ahead of our estimate of $37.10 billion and consensus of $36.84 billion. Meanwhile, EPS of $8.26 was well ahead of our forecast and consensus of $7.93. The outlook was solidly above expectations, particularly after adjusting for a change in deferred revenue accounting. Apple guided to revenues of $55-$58 billion, ahead of our forecast of $55.0 billion and consensus of $55.65 billion. Management expects gross margin of 36.5%-37.5% (versus our expectation for 37.7%), but this includes a net headwind of approximately 100 basis points as a result of an accounting change. On a comparable basis, gross margin guidance was slightly above our estimates.” Apple closed on Monday at $529.88.