“Apple’s (AAPL) earnings are usually one of the biggest events, if not the biggest event, during earnings season, particularly in the tech sector,” Chris Ciaccia reports for TheStreet. “With Goldman Sachs boosting Apple’s price target ahead of earnings, this quarter’s results just got that much bigger.”
“Goldman Sachs analyst Bill Shope raised his price target on Apple to $635 from $620 due to higher earnings estimates for the upcoming quarterly results, due to higher iPhone and iPad sales,” Ciaccia reports. “He also cited increased confidence around the March quarter, due in large part to the China Mobile (CHL) deal. Apple remains on Goldman’s America’s Buy List, a coveted rating amongst companies.”
“2013 was a challenging year for Apple shares, with the sharp drop in share price, dealing with an activist shareholder (Carl Icahn), and concerns over stagnant innovation. However, that’s likely to change according to Shope, starting with the December quarterly results,” Ciaccia reports. “‘Indeed, the most recent iOS product cycle appears to have had a much stronger product cycle than previously anticipated, and this, coupled with the recent China Mobile partnership, should allow consensus earnings estimates to trend upward from current levels,’ Shope wrote in the note. By and large, consumers and product reviewers took to the iPhone 5s and iPad Air, with many (including myself) calling the iPad Air an engineering marvel.'”
Much more in the full article here.
Goldman ups Apple price target to $635 on iOS device momentum – January 22, 2014