“Fear not Apple fans. If you thought the third-quarter earnings miss was a sign of things to come, you may want to reconsider that thought,” Chris Ciaccia reports for TheStreet.
“According to the ‘Apple Monitor’ compiled by Topeka Capital Markets analyst Brian White, the consumer tech giant had its best July on record, with Apple’s supply chain enjoying record sales,” Ciaccia reports. “The Cupertino, Calif.-based firm enjoyed the strongest month-over-month sales growth of any July in the past eight years of the Apple Monitor. White said that July sales rose 14% month-over-month.”
Ciaccia reports, “‘This July was well above the 7% growth experienced last July, supporting our view of an earlier launch of the iPhone 5 versus the iPhone 4S last October,’ White wrote in his report. ‘We indicated in June that we felt that the iPhone 5 would be launched in September, along with the ‘iPad Mini.” He rates Apple shares “buy” with a $1,111 price target.”
Read more in the full article here.