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Apple is ripe for the picking, says Credit Suisse analyst Kulbinder Garcha, who upgraded his rating on the consumer electronics maker on Tuesday to outperform from neutral. Garcha also raised his price target on Apple (AAPL) stock to 130 from 110. Apple stock was up a fraction to about 109 in afternoon trading on the stock market today. It had been up more than 3% earlier in the day. Garcha raised his earnings-per-share estimates, based on “solid and sustainable iPhone volume,” improved profitability and opportunities to return more cash to shareholders. Apple should be able to sell 215 million iPhones each year in fiscal 2015 and 2016, he said. Garcha predicts that gross profit margins from iPhone sales will rise thanks a shift to handsets with bigger screens and richer flash memory configurations. Apple also is due to reconsider its cash return program, given that free cash… Scalper1 News
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