Apple (AAPL) PT Raised to $229 at Daiwa Securities

Daiwa Securities analyst Louis Miscioscia raised the price target on Apple (NASDAQ: AAPL) to $229.00 (from $200.00) while maintaining a Buy (1) rating.

Analyst says: "With shares trading on a PE of 14x on our FY20 EPS estimates, valuation remains well below the current S&P 500 PE multiple of ~17x CY20E. We believe the exceptional company positioning, in areas outside smartphone market, should award it a multiple at least in-line with the market, this does not even include the 1.7% dividend. Thus we use ~17x PE multiple on our FY20."

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