Oppenheimer Reiterates Outperform Rating on Apple Following In-Line Results, Good Guidance

In a report published Wednesday, Oppenheimer analyst Ittai Kidron reiterated an Outperform rating and $460.00 price target on Apple (NASDAQ: AAPL).

In the report, Oppenheimer noted, “Apple reported largely in-line results and provided good enough guidance in our opinion to keep investors engaged until the new iPhone launch. But even with a potential Sept. iPhone launch ahead the overall picture is still a mixed bag. Margins and ASP remain at risk as iPhone and iPad mix moderates (much of the June iPhone upside appears to be iPhone-4/4S driven, partly from international growth but mature markets are moderating too). Apple's on the clock and needs to deliver a surprise with its fall products to convince us the moderation can be slowed. We're cutting our FY14 projections slightly but maintaining our Outperform rating. We currently see limited upside to our $460 PT.”

Apple closed on Tuesday at $418.99.