BGC Partners Raises PT on Apple to $500

BGC Partners has published a research report on Apple (NASDAQ: AAPL) after the company reported "smashing" December quarter results.

In the report, BGC writes, "Apple reported record December quarter results that smashed company guidance and consensus estimates, driven by strong growth in iPhone, iPad and Mac sales and the inclusion of a 14th week in the December quarter. Revenue of $46.33B exceeded guidance of $37B and our estimate of $40.08B. Revenue grew 73.3% YoY and 63.9% sequentially. Earnings of $13.87 exceeded guidance of $9.30 and our estimate of $11.00 as well as consensus estimate of $10.07, and represented growth of 115.6% YoY. Net income was $13.06B (+117.6% YoY), gross margin was 44.7%, operating margin was 37.4% and 58% of sales were international. Company guidance for the March quarter is $32.5B in revenue and EPS of $8.50."

BGC Partners maintains its Hold rating and has raised the price target from $450 to $500 on Apple, which is currently trading up $29.10 from yesterday's $420.41 closing price.