Apple Share Price: Raymond James Upgrades the IPhone Maker to Strong Buy

on Jul 2, 2013
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iNVEZZ.com, Tuesday, July 2: Analysts at Raymond James Financial upgraded on Monday their rating on Apple Inc’s (NASDAQ:AAPL) stock from ‘outperform’ to a ‘strong buy’ with their assessment that the company was well-positioned for phase two of the mobile computing revolution. The upgrade provided a significant boost for the Apple Share price, which closed up 3.2 percent at $409.22 in New York on Monday. The stock climbed another 0.74 percent in pre-market trading today, as of 13:13 GMT.

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**Mobile revolution**
Raymond James analysts Tavis C. McCourt and Daniel Toomey issued a report to investors yesterday, saying they believed that Apple’s “near-term financial trends will stabilize and then improve” after its June quarter. The analysts opined that that the company was “an investment into the mobile computing revolution”.

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!m[The Company Well-Position for Phase Two of Mobile Revolution](/uploads/story/3593/thumbs/pic1_inline.jpg)
They said phase one of the mobile revolution, which according to them includes smartphones and tablets, was now maturing, while the second phase – which will see as the expansion of smartphone chips and ecosystems into automobiles, appliances such as TV sets and other devices – had just begun. Apple’s vertically integrated model and the fact that the company currently dominates the high-income segment of the market would help it snatch the biggest profit share as the second phase of the mobile revolution developed, the analysts opined.

Raymond James also raised its forecast for iPhone sales in the June quarter from 27 million to 28 million units. Earnings per share estimates for the period were also raised, albeit very slightly to $7.89. Full-fiscal-year EPS remained unchanged at $40.11.
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**The Apple share price (pre-market) was $412.25 as of 13.41 GMT, 02.07.2013**

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