JMP Securities Thinks Apple, Inc. Is Going to $150: Time to Sell?

On Wednesday, JMP Securities surprised The Street by upping its Apple (NASDAQ: AAPL  ) price target to $150 per share from $135. The price target, the highest currently on record, values the company at nearly $900 billion. The reason for the upgrade: An "explosive" first-fiscal quarter, led by sales of the newest iteration of the iPhone.
JMP Analyst Alex Gauna spoke to Barron's Tiernan Ray to discuss his rationale for the 11% price target increase:

We raised our estimates and price target on the stock, following a review of what we saw from Black Friday to Cyber Monday. Demand is exceptionally strong both in the U.S. and China, with lead times at higher memory count models of the iPhone 6 Plus and also the iPhone 6. Also, there's been strong demand for the iPad Air 2. The iPhone 6 Plus is stocked out at all three major carriers in China, and we're seeing the longest lead times we've seen at Apple stores there, so very consistent with what we've seen in U.S. Overall, we're seeing very limited supply, with lead times still very strong.  (more)

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