“The price target on Apple’s stock was raised to $135 from $120 by Citigroup analyst Jim Suva, which implies a 20% rally from current levels,” Tomi Kilgore reports for MarketWatch.
“He indicated that most people know Apple is seeing stronger iPhone 6 and iPhone 6 Plus sales than initially expected,” Kilgore reports. “But his global field work suggests people are buying higher-priced, higher-memory versions of the smartphones than anticipated, which he said should drive higher average selling prices and margins, and therefore higher earnings.”
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