Cowen Group upgraded shares of Apple Inc. $AAPL,to outperform from market perform and raised its price target on the stock Wednesday to $135 from $125.
Analyst Timothy Arcuri said Apple estimates “have bottomed,” and that the iPhone 7, expected to be unveiled in September, will help spur upgrades in the near term. “Street estimates finally look safe while [year-over-year] compares on iPhone units and overall Apple revenue are bottoming” and should turn flat as soon as the calendar fourth quarter, said Arcuri.
Apple shares are at $110.24 at the time of this report. Check here to track stock prices