Apple (AAPL) PT Raised to $170 at Citi

Citi raised its price target on Apple (NASDAQ: AAPL) to $170.00 (from $160.00) while maintaining a Buy rating.

Analyst Jim Suva gives five reason he thinks the stock will trade "even higher":

1. Super Upgrade Cycle given new form factors launching in 2017,
2. Trump tax repatriation and reduce corporate taxes should boost capital returns and M&A potential,
3. Sticky user base drives strong services revenue growth,
4. Enterprise push mid term, Applewood longer term and,
5. Attractive valuation given upcoming super cycle.

FY 2017 EPS estimate rises from $8.55 to $9.02, FY 2018 EPS estimate rises from $10.92 to $11.07 and FY 2019 EPS estimate rises from $11.07 to $11.19.

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