Pieced together from Seeking Alpha, MarketWatch and StreetInsider (which had it first):
StreetInsider: BMO Sees No iPhone Unit Growth For Apple (AAPL) This Cycle
“While the continued move higher in ASPs [average selling prices] is encouraging, as is growth in Services and new products, we would like to see better iPhone unit growth,” Long wrote.
Long thinks that ASPs are Apple’s “sole driver of growth” and that the latest iPhone lineup won’t lead to an upgrade cycle.
“We believe the risk/reward is balanced after the move in the stock over the past year.”
Maintains Market Perform rating and raises price target to $219 from $199.
My take: By my count, Long is the eleventh analyst to raise his Apple price target since Labor Day and the fourth to raise it to a price that was already underwater.