NEW YORK (TheStreet) -- Apple (AAPL) stock is flat, up 0.09% to $129.22, in afternoon trading on Tuesday after Oppenheimer's price target increase to $155 from $135, while the firm maintained an "outperform" rating on the company.
Due to a more bullish outlook on Apple's product cycle, higher revenue contribution from the iPhone and the Watch, margin improvement from better mix, and strong 2016 fiscal year outlook in emerging markets, Oppenheimer analysts have increased their price target and financial estimates for the technology company.
During Apple's March 9th Event, analysts expect focus to be on the upcoming Apple Watch, as well as refreshing MacBook Air and Apple TV. Apple CEO Time Cook confirmed in a statement that the Apple Watch will be on shelves this coming April.
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"We are very optimistic on the upcoming Apple Watch's market potential and see it as an object of utility, affection, and luxury that represents the next step in our 'mobile first' future," Oppenheimer said.
Apple posted revenue of $182.8 billion in 2014. Oppenheimer anticipates revenue of $230.9 billion in 2015. The firm also increased its 2016 fiscal year revenue estimates to $244.9 billion from $239.7 billion.
Oppenheimer noted risks to their thesis including lower than expected iPhone shipment in the 2016 fiscal year, lower than expected margin and Apple Watch shipments, unexpected margin pressure fro material cost and FX volatility, lower than expected growth in China, and higher than expected spending in operations.
Interestingly, on February 24 TheStreet's Jim Cramer and Jack Mohr wrote an article on "Raising Our Price Target on Apple" on ActionAlertsPlus.com.