Daiwa upgrades Apple, raises price target to $249

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From a note to clients by analyst Louis Miscioscia summarized Friday by TheFly:


Daiwa analyst Louis Miscioscia assumed coverage of Apple with a Buy rating, up from the firm’s prior rating of Outperform. He sees the iPhone moving to “stability” from “mega cycles” and believes the strength of the businesses tangent to the iPhone ecosystem make Apple more valuable than investors realize. He sees room for growth in iOS, iPhone, iPad, Services and even Mac sales as more commercial and enterprise providers move toward digital solutions, Miscioscia tells investors. He set a $249 price target on Apple shares, up from the firm’s prior target of $202.

Raises rating to Buy from Outperform and price target to $249 from $202.

My take: Don’t know much about Daiwa and never heard of Miscioscia, but he’s already ahead of most of Wall Street.