Apple shares (AAPL) “climbed about 3 percent on Thursday, fueled by solid quarterly results and optimism about the maker of iPhones and Mac computers despite the weak economy,” Franklin Paul reports for Reuters.
“Apple shares rose to $124.90 in early trade on Nasdaq, one day after the company posted better than expected profit and revenue for fiscal second quarter, as well as stronger profit margins,” Paul reports.
“Analysts cheered the results… ‘Apple is one of a few companies that can offer high earnings per share preservation in tough times, and here, Apple impressed with its March results,’ said J.P. Morgan analyst Mark Moskowitz in a client note,” Paul reports.
“Moskowitz raised his price target for the stock to $135 from $100, joining a chorus of analysts who either upgraded their opinion on the company or boosted their price target,” Paul reports. “BMO capital analyst Keith Bachman, who kept his rating at ‘outperform’ and lifted his price target, suggested that Apple’s profit margin targets are conservative, given an expected jump in iPhone sales if a new model is introduced in coming months. ‘The new phones and OS (operating system) will extend Apple’s competitive advantage, in our view,’ he said in a client note.”
Full article here.
