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Apple Inc. (NASDAQ:AAPL) price target raised from $102 to $112 by Canaccord Genuity Group Inc (TSE:CF)

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By on Technology & Software

Apple Inc. (NASDAQ:AAPL), the iPhone, computer and technology company, has seen its price target raised from $102 to $112 by analysts at Canaccord Genuity. The brokerage firm reiterated its buy rating and raised the price target citing recent monthly surveys it conducted which indicated Apple was poised for accelerating replacement sales and a record iPhone 6 upgrade cycle. The company said the increase in its price target for Apple was “based on shares trading at 15 x our F2015 EPS estimate.”

Canaccord Genuity said that its June and July surveys indicated that the iPhone 5s remained a “top selling smartphone”. However, it pointed that its surveys also showed growing consumer anticipation for new larger-screen iPhones.

“Based on our analysis of global iPhone sales by region, we believe consumers slowed the pace of iPhone upgrade purchases during the iPhone 5 and 5s product cycles. We believe the extended replacement rates combined with new larger-screen iPhones position Apple with its large installed base for record iPhone 6 sales,” analysts said.

“Further, we believe Apple will charge a premium for these larger-screen iPhones resulting in stable gross
margin trends for overall Apple but with a higher gross margin dollar contribution due to an increasing revenue mix from higher ASP iPhones.”

Shares in Apple were up 0.64% to $95.64 shortly after main markets opened on Friday. The company has traded between $59.82 and $96.80 over the past 52 weeks.

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