NEW YORK (TheStreet) -- JMP Securities reiterated its "market outperform" rating of Apple (AAPL) and raised its price target to $150 from $135 after retail and online checks revealed "powerful demand trends throughout the kickoff period to the holiday sales cycle."
"Even as the supply of iOS devices gradually improves and online ordering lead times have eased, Apple is continuing to sell out and/or seeing extended lead times for its highest-end iPhone and iPad offerings in the U.S. and China, and we see this translating into positive implications for December quarter unit volumes, ASPs, and gross margins," analysts said.
"We are also witnessing a lack of competitive momentum from key Android rivals that we believe should translate into further share gains for Apple in the December quarter, better entrenchment of the business model, and a wide-open opportunity for Apple to transform the wearables and mobile payment markets in 2015," analysts added.
Shares of Apple are down 0.27% to $114.32 in pre-market trading.
Separately, TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate APPLE INC (AAPL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, revenue growth, notable return on equity and expanding profit margins. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."