Susquehanna on Tuesday raised its price target on Apple Inc. (AAPL) shares to $625 from $440. In addition, the firm upgraded Apple to a “positive” rating from “neutral.”
The firm said that better-than-expected sales of Apple’s new iPhone 5S and 5C models in the first weekend, which came in at 9 million, was the impetus behind the upgrade.
“The facts over the weekend indicated that AAPL’s new phone lineup was more successful than we and many others had expected,” wrote Susquehanna analyst Chris Caso. “Importantly, AAPL didn’t need to sacrifice margins in order to achieve this success, the current shortages provide a healthy backlog entering C4Q, and we think a China Mobile launch still lies ahead.”
Apple shares are currently up $4.40, or 0.9%, to $495.00 in premarket trade.
MacDailyNews Take: Looks like 9 million units in three days gets you religion real fast.