Oppenheimer Maintains Bullish Bias On Apple Following Earnings
In a research report issued today, Oppenheimer analyst Andrew Uerkwitz reiterated an Outperform rating on Apple (NASDAQ:AAPL) with a $115 price target, following the company’s fourth-quarter earnings.
Uerkwitz wrote, “After delivering two well-executed product launches for consumers, Apple delivered for investors: Apple F4Q14 revenues/diluted GAAP EPS of $42.1B/$1.42 vs. our $42.3B/$1.40E and consensus of $40.0B/$1.31E. The results were driven by stronger-than-expected iPhone and Mac sales. iPhone 6 and 6 Plus supply has been the strongest in iPhone history but are still in shortage thus far, while Mac NB saw strength during “back-to-school” sales and in international markets. We raise our FY15E revenues/EPS slightly from $208.1B/$7.31 to $208.7B/$7.36.”
The bottom line, “we maintain our bullish bias on Apple, based on strong iPhone 6 and 6 Plus momentum and its more-than-ever-complete product portfolio, with products which we believe both strongly complement one another and will offer long-lasting appeal to existing and potential customers.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Andrew Uerkwitz has a total average return of 8.5% and a 64.7% success rate. Uerkwitz has an 0.5% average return when recommending AAPL, and is ranked #598 out of 3337 analysts.