Following Apple’s blowout Q3 quarter which saw the company’s profits increase an astounding 77%, JP Morgan analyst Mark Moskowitz upped his target for Apple’s share price to $400.
We reiterate our Overweight rating and increase our Dec-11 price target to $400, from $390 previously. Apple is also on the J.P. Morgan Analyst Focus List. While the media-driven frenzy over the iPhone 4 antenna issue is not likely to fade yet, we believe Apple’s quarterly performance should restore focus back on the model’s high-growth stature. At 13.9x our revised C2011 EPS estimate, versus the peer group average of 12.6x, we believe Apple is trading like a value stock and not as the high-growth story in large cap equities.
via Business Insider