Apple gets boost from upbeat analyst reports
Apple (AAPL) stock rose Monday after a couple of analysts issued upbeat reports on the iPhone maker ahead of its June-quarter earnings report. Apple stock was up nearly 2%, near 126, in late-afternoon trading on the stock market today. The Cupertino, Calif.-based company is scheduled to report fiscal third-quarter earnings after the market close July 21. Societe Generale analyst Andy Perkins on Monday upgraded Apple stock to buy from hold, with a price target of 140. Perkins raised his fiscal Q3 iPhone sales forecast by 5 million units to 48 million. He also set revenue and earnings-per-share estimates for the quarter at $50.2 billion and $1.84, respectively, both above Wall Street consensus of $49 billion and $1.78. Cantor Fitzgerald analyst Brian White reiterated his buy rating on Apple stock with a price target of 195. Apple is “in the midst of a transformational super cycle,” White said. Apple’s growth will…