Before the opening bell on Monday, Jefferies announced that it was raising its estimates and price target on Apple Inc. (AAPL
Jefferies analyst Peter Misek is raising his numbers on Apple based on the results of Jefferies’ quarterly survey on computers, tablets and smartphones. “Buy”-rated Apple now has a price target of $650, up from the previous PT of $600. The new PT suggests a 17% upside to AAPL’s current price.
Misek believes that Q4 will go well, and believes there will be more iPhone sales in Q1 due to AAPL’s new deal with China Mobile. The analyst had the following comments: “… our survey results were solid for AAPL with stable trends vs. CQ3. Our proprietary Apple Supplier Tracker, based on Taiwanese companies with >40% rev exposure to Apple, was +12% M/M and +8% Y/Y in Nov vs. +9% in Oct. Suppliers with more 5s exposure (e.g., Hon Hai) fared better than those with more 5c exposure (e.g., Pegatron). We maintain our CQ4 55M iPhone and 25M iPad estimates (both roughly inline with St).”
Due to China’s foreseen demand, Misek has boosted AAPL’s revenue for Q1 up to $45.6 billion from $45 billion, and raised EPS estimates from $10.94 to $11.22.
Apple stock is up $2.24, or 0.4%, in pre-market trading. YTD, the company’s stock is up 0.98%.
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