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AAPL Sell-side weighs in on Apple; +1.9% premarket

"Gross margin guidance of flat (or up 50bps at the high end) vs a typical decline associated with the launch of new form factor products reinforces our thesis that the mix is gravitating strongly higher and should drive upside in revenues and gross margins," says BAML analyst Wamsi Mohan, reiterating a Buy rating with $120 price target, while boosting the fiscal 2015 EPS estimate to $7.97 from $7.86.
"Apple (NASDAQ:AAPL) indicated that iPhone may remain supply constrained through the end of the year even as the company is on track to exceed 100M iPhones in just 6 months," says Macquarie's Ben Schachter. "That is remarkable." He reiterates his Outperform rating and lifts the price target to $118 from $104.
More from Susquehanna, BMO Capital, and Cowen.
Last night's earnings coverage
Shares +1.9% premarket