“Evercore Partners analyst Rob Cihra reiterated an Overweight rating on Apple (AAPL) and raised his price target from $630 to $700 Friday, citing an ongoing belief that the recent iPhone and iPad refreshes have rejuvenated momentum and helped stabilize gross margins, and that Apple still has multiple untapped opportunities evolving its integrated iOS software+ hardware+services model,” StreetInsider reports.
“On the potential China Mobile deal, they see it adding +$0.85 to $1.70 upside to their CY14E EPS model that so far includes just 5mil CHL iPhones but could add another +5 to 10mil. Factoring 10mil unlocked units that might otherwise have been purchased (est > 20mil unofficial iPhones already on CHL) nets 15 to 20mil iPhones potentially to CHL in CY14 for penetration rates they estimate in line with where China Unicom and Telecom are today,” StreetInsider reports. “Chira also continues to forecast iPad growth reaccelerating to +16%Y/Y in CY14 from +11%Y/Y in CY13.”
Read more in the full article here.
[Thanks to MacDailyNews Readers “Brawndo Drinker” and “Dan K.” for the heads up.]