“Merrill Lynch’s Wamsi Mohan takes over coverage and reinstates Apple at a Buy, with a price target of $120, taking over from his predecessor, Justin Post,” Tiernan Ray reports for Barron’s. “Wamsi sees a ‘super cycle’ for the iPhone in 2015, perhaps producing sales of as much as 195 million units, according to a summary provided by the wire service The Fly on the Wall.”
“Also this morning, Chris Caso of Susquehanna Financial Group reiterates a ‘Positive’ rating on the shares, and raises his price target to $120 from $115, writing that his review of the production rate of the iPhone 6 suggests the devices are ramping up faster than he’d expected,” Ray reports. “Caso raises his estimates for shipments in the quarter just ended, fiscal Q4 for Apple, to 38 million units from 37 million, and raises Q1′s number to 61 million from 68 million, but that production estimate causes him to see ‘upside to our unit sales forecast if supply remains tight through the December quarter.'”
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